Cornerstone Advisors Inc. decreased its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 8.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,379 shares of the software company’s stock after selling 122 shares during the period. Cornerstone Advisors Inc.’s holdings in Adobe Systems were worth $195,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Hartwell J M Limited Partnership acquired a new stake in Adobe Systems during the first quarter valued at $669,000. Washington Trust Bank increased its stake in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the last quarter. Telemus Capital LLC increased its stake in Adobe Systems by 1,097.2% in the first quarter. Telemus Capital LLC now owns 26,375 shares of the software company’s stock valued at $3,432,000 after buying an additional 24,172 shares during the last quarter. Gateway Investment Advisers LLC increased its stake in Adobe Systems by 0.4% in the first quarter. Gateway Investment Advisers LLC now owns 444,304 shares of the software company’s stock valued at $57,817,000 after buying an additional 1,866 shares during the last quarter. Finally, Private Wealth Partners LLC increased its stake in Adobe Systems by 579.1% in the first quarter. Private Wealth Partners LLC now owns 17,928 shares of the software company’s stock valued at $2,333,000 after buying an additional 15,288 shares during the last quarter. Institutional investors and hedge funds own 87.64% of the company’s stock.

Adobe Systems Incorporated (ADBE) traded down 2.1936% during trading on Thursday, hitting $148.4701. The stock had a trading volume of 922,098 shares. The stock’s 50-day moving average is $146.27 and its 200 day moving average is $134.01. The firm has a market cap of $73.26 billion, a price-to-earnings ratio of 51.7137 and a beta of 1.00. Adobe Systems Incorporated has a one year low of $97.87 and a one year high of $151.99.

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

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A number of brokerages have commented on ADBE. Morgan Stanley reiterated an “equal weight” rating and issued a $137.00 target price on shares of Adobe Systems in a report on Friday, June 16th. Royal Bank Of Canada boosted their target price on shares of Adobe Systems from $135.00 to $157.00 and gave the stock an “outperform” rating in a report on Thursday, May 25th. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. BMO Capital Markets reiterated an “outperform” rating and issued a $160.00 target price (up from $140.00) on shares of Adobe Systems in a report on Friday, June 9th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $150.00 target price on shares of Adobe Systems in a report on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $154.20.

In other Adobe Systems news, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the transaction, the executive vice president now owns 59,991 shares in the company, valued at $8,638,704. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is 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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Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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