Adobe Systems Inc. (ADBE) Stake Decreased by Prudential Financial Inc.
Prudential Financial Inc. cut its stake in Adobe Systems Inc. (NASDAQ:ADBE) by 1.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,975,078 shares of the software company’s stock after selling 24,967 shares during the period. Prudential Financial Inc. owned 0.40% of Adobe Systems worth $214,375,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. FMR LLC boosted its stake in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock worth $3,481,242,000 after buying an additional 2,249,163 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock worth $2,953,789,000 after buying an additional 1,325,228 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock worth $1,490,013,000 after buying an additional 211,475 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock worth $1,279,159,000 after buying an additional 2,215,100 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Adobe Systems by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 13,196,084 shares of the software company’s stock worth $1,264,053,000 after buying an additional 43,801 shares in the last quarter. 86.36% of the stock is owned by institutional investors and hedge funds.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) opened at 104.50 on Tuesday. Adobe Systems Inc. has a 12 month low of $71.27 and a 12 month high of $111.09. The company has a market cap of $51.96 billion, a PE ratio of 53.32 and a beta of 1.14. The firm’s 50 day moving average is $106.78 and its 200 day moving average is $101.47.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $1.46 billion for the quarter. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $0.54 earnings per share. On average, equities analysts predict that Adobe Systems Inc. will post $2.98 earnings per share for the current year.
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A number of analysts have weighed in on the company. Zacks Investment Research cut Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 19th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $116.00 price target (up previously from $115.00) on shares of Adobe Systems in a research report on Thursday, September 22nd. Cowen and Company boosted their price target on Adobe Systems from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 21st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $125.00 price target on shares of Adobe Systems in a research report on Thursday, November 3rd. Finally, Pacific Crest boosted their price target on Adobe Systems from $110.00 to $122.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 21st. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $112.87.
In other Adobe Systems news, EVP Michael A. Dillon sold 13,331 shares of the firm’s 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 sale, the executive vice president now owns 30,993 shares in the company, valued at $3,398,072.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Garrett sold 26,899 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
Adobe Systems Company Profile
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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