WestEnd Advisors LLC decreased its position in shares of Adobe Systems Inc. (NASDAQ:ADBE) by 18.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 970,865 shares of the software company’s stock after selling 221,797 shares during the period. Adobe Systems makes up approximately 4.9% of WestEnd Advisors LLC’s portfolio, making the stock its 13th largest position. WestEnd Advisors LLC owned approximately 0.19% of Adobe Systems worth $92,999,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its position in 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 valued at $512,441,000 after buying an additional 1,726,306 shares during the period. UBS Group AG boosted its position in Adobe Systems by 212.2% in the first quarter. UBS Group AG now owns 2,337,570 shares of the software company’s stock valued at $219,264,000 after buying an additional 1,588,934 shares during the period. Suvretta Capital Management LLC boosted its position in 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 valued at $174,242,000 after buying an additional 872,395 shares during the period. Smith Asset Management Group LP purchased a new position in Adobe Systems during the second quarter valued at approximately $78,175,000. Finally, Bank of Montreal Can purchased a new position in Adobe Systems during the second quarter valued at approximately $24,217,000. 87.74% of the stock is owned by institutional investors and hedge funds.

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

Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.87% on Tuesday, reaching $108.42. 1,301,586 shares of the company’s stock traded hands. The stock’s 50 day moving average is $104.98 and its 200 day moving average is $98.99. Adobe Systems Inc. has a 52-week low of $71.27 and a 52-week high of $110.13. The firm has a market cap of $53.91 billion, a price-to-earnings ratio of 55.32 and a beta of 1.27.

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

Several research firms have commented on ADBE. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 19th. Cowen and Company upped their target price on shares of Adobe Systems from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 21st. RBC Capital Markets restated an “outperform” rating and issued a $116.00 target price (up previously from $115.00) on shares of Adobe Systems in a research report on Thursday, September 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $104.00 target price on shares of Adobe Systems in a research report on Wednesday, June 22nd. Finally, Rosenblatt Securities upped their target price on shares of Adobe Systems from $112.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $111.88.

In other news, EVP Ann Lewnes sold 4,000 shares of Adobe Systems stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $98.40, for a total transaction of $393,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Daley sold 5,000 shares of Adobe Systems stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $98.50, for a total transaction of $492,500.00. Following the sale, the director now owns 33,086 shares of the company’s stock, valued at approximately $3,258,971. 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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