North Star Asset Management Inc. cut its stake in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,165 shares of the software company’s stock after selling 2,525 shares during the period. Adobe Systems comprises about 1.5% of North Star Asset Management Inc.’s investment portfolio, making the stock its 12th largest position. North Star Asset Management Inc.’s holdings in Adobe Systems were worth $12,851,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ADBE. Virginia Retirement System bought a new stake in Adobe Systems during the first quarter worth about $759,000. NN Investment Partners Holdings N.V. bought a new stake in Adobe Systems during the first quarter worth about $1,797,000. C M Bidwell & Associates Ltd. bought a new stake in Adobe Systems during the first quarter worth about $317,000. Aviva PLC increased its stake in Adobe Systems by 1.7% in the first quarter. Aviva PLC now owns 279,097 shares of the software company’s stock worth $26,179,000 after buying an additional 4,659 shares during the period. Finally, AMF Pensionsforsakring AB increased its stake in Adobe Systems by 5.5% in the first quarter. AMF Pensionsforsakring AB now owns 358,452 shares of the software company’s stock worth $33,623,000 after buying an additional 18,823 shares during the period. Institutional investors own 87.72% of the company’s stock.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

Adobe Systems Inc. (NASDAQ:ADBE) traded down 0.32% during trading on Thursday, reaching $107.70. 706,046 shares of the company’s stock traded hands. Adobe Systems Inc. has a 12 month low of $71.27 and a 12 month high of $110.13. The stock has a market capitalization of $53.55 billion, a P/E ratio of 54.95 and a beta of 1.27. The company has a 50-day moving average of $104.46 and a 200 day moving average of $98.64.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $1.46 billion for the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. On average, equities research analysts expect that Adobe Systems Inc. will post $2.97 earnings per share for the current fiscal year.

Several equities research analysts recently weighed in on ADBE shares. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 target price on the stock. in a research note on Wednesday, September 21st. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $105.00 target price on shares of Adobe Systems in a research note on Wednesday, June 22nd. Goldman Sachs Group Inc. upped their target price on shares of Adobe Systems from $104.00 to $112.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 21st. Canaccord Genuity reaffirmed a “buy” rating and set a $110.00 target price on shares of Adobe Systems in a research note on Wednesday, June 22nd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $114.00 target price (up from $113.00) on shares of Adobe Systems in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $111.37.

In related news, EVP Michael A. Dillon sold 5,450 shares of Adobe Systems stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $101.85, for a total value of $555,082.50. Following the sale, the executive vice president now owns 44,324 shares of the company’s stock, valued at approximately $4,514,399.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael A. Dillon sold 13,331 shares of Adobe Systems stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $109.64, for a total value of $1,461,610.84. Following the completion of the sale, the executive vice president now directly owns 30,993 shares in the company, valued at approximately $3,398,072.52. The disclosure for this sale can be found here. 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.

5 Day Chart for NASDAQ:ADBE

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