Adobe Systems Inc. (ADBE) Shares Sold by Johnston Asset Management LLC
Johnston Asset Management LLC cut its position in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 459,415 shares of the software company’s stock after selling 14,950 shares during the period. Adobe Systems accounts for approximately 2.2% of Johnston Asset Management LLC’s portfolio, making the stock its 9th largest position. Johnston Asset Management LLC owned 0.09% of Adobe Systems worth $44,007,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in ADBE. JPMorgan Chase & Co. increased its position in shares of Adobe Systems by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 17,555,131 shares of the software company’s stock worth $1,646,671,000 after buying an additional 1,764,349 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Adobe Systems by 46.2% in the first quarter. Wellington Management Group LLP now owns 5,463,118 shares of the software company’s stock worth $512,441,000 after buying an additional 1,726,306 shares in the last quarter. UBS Group AG increased its position in shares of Adobe Systems by 212.2% in the first quarter. UBS Group AG now owns 2,337,570 shares of the software company’s stock worth $219,264,000 after buying an additional 1,588,934 shares in the last quarter. Findlay Park Partners LLP bought a new position in shares of Adobe Systems during the first quarter worth about $88,183,000. Finally, Suvretta Capital Management LLC increased its position in shares of Adobe Systems by 88.6% in the first quarter. Suvretta Capital Management LLC now owns 1,857,595 shares of the software company’s stock worth $174,242,000 after buying an additional 872,395 shares in the last quarter. Institutional investors and hedge funds own 87.53% of the company’s stock.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.08% during trading on Monday, hitting $108.45. 1,553,774 shares of the stock traded hands. Adobe Systems Inc. has a 52 week low of $71.27 and a 52 week high of $109.76. The firm’s 50-day moving average price is $102.66 and its 200-day moving average price is $97.65. The company has a market cap of $53.92 billion, a price-to-earnings ratio of 55.33 and a beta of 1.27.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 EPS. On average, equities research analysts anticipate that Adobe Systems Inc. will post $2.97 earnings per share for the current year.
ADBE has been the subject of a number of research analyst reports. Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price target for the company. in a report on Tuesday, July 5th. Stephens assumed coverage on shares of Adobe Systems in a report on Wednesday, August 10th. They set an “overweight” rating and a $125.00 target price for the company. Cowen and Company restated an “outperform” rating and set a $120.00 target price on shares of Adobe Systems in a report on Tuesday, September 27th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Thursday, September 22nd. Finally, Barclays PLC raised their target price on shares of Adobe Systems to $75.00 in a report on Tuesday, June 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $110.73.
In other news, Director Edward W. Barnholt sold 25,000 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $97.25, for a total value of $2,431,250.00. Following the completion of the sale, the director now directly owns 58,124 shares of the company’s stock, valued at $5,652,559. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman John E. Warnock sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $106.99, for a total value of $534,950.00. Following the completion of the sale, the chairman now directly owns 16,088 shares of the company’s stock, valued at $1,721,255.12. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
About Adobe Systems
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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