Renaissance Technologies LLC cut its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 57.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 120,100 shares of the software company’s stock after selling 165,333 shares during the period. Renaissance Technologies LLC’s holdings in Adobe Systems were worth $15,629,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. UBS Asset Management Americas Inc. boosted its position in shares of Adobe Systems by 92.3% in the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock valued at $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP acquired a new position in shares of Adobe Systems during the first quarter valued at about $209,666,000. Pioneer Investment Management Inc. acquired a new position in shares of Adobe Systems during the first quarter valued at about $201,774,000. Wellington Management Group LLP boosted its position in shares of Adobe Systems by 40.3% in the first quarter. Wellington Management Group LLP now owns 4,009,357 shares of the software company’s stock valued at $521,737,000 after buying an additional 1,152,281 shares in the last quarter. Finally, Swedbank acquired a new position in shares of Adobe Systems during the first quarter valued at about $129,983,000. 87.97% of the stock is currently owned by institutional investors.

Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 149.53 on Tuesday. Adobe Systems Incorporated has a 52 week low of $95.42 and a 52 week high of $150.10. The firm has a market capitalization of $73.78 billion, a PE ratio of 52.08 and a beta of 1.00. The stock has a 50 day moving average of $143.07 and a 200-day moving average of $129.69.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s quarterly revenue was up 26.7% on a year-over-year basis. During the same period last year, the business earned $0.71 EPS. Equities analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Renaissance Technologies LLC Sells 165,333 Shares of Adobe Systems Incorporated (NASDAQ:ADBE)” was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this article on another publication, it was stolen and reposted in violation of US and international trademark & copyright laws. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/07/25/renaissance-technologies-llc-sells-165333-shares-of-adobe-systems-incorporated-nasdaqadbe.html.

Several equities analysts have recently issued reports on ADBE shares. Barclays PLC started coverage on shares of Adobe Systems in a research note on Tuesday, May 2nd. They issued an “overweight” rating and a $155.00 price objective on the stock. Guggenheim started coverage on shares of Adobe Systems in a research note on Wednesday, April 12th. They issued a “buy” rating and a $155.00 price objective on the stock. BTIG Research raised shares of Adobe Systems from a “neutral” rating to a “buy” rating and set a $151.00 price objective on the stock in a research note on Monday, March 27th. Robert W. Baird reaffirmed an “outperform” rating and issued a $160.00 price objective (up previously from $140.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective on the stock in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $153.20.

In other news, EVP Donna Morris sold 5,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $145.00, for a total value of $725,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $135.86, for a total value of $303,375.38. Following the completion of the sale, the executive vice president now directly owns 64,177 shares of the company’s stock, valued at approximately $8,719,087.22. The disclosure for this sale can be found here. Insiders have sold a total of 102,519 shares of company stock valued at $14,894,384 over the last ninety days. Company insiders own 0.38% of the company’s stock.

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.

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

Receive News & Stock Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related stocks with our FREE daily email newsletter.