Renaissance Technologies LLC lowered 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its position in shares of Adobe Systems by 0.4% in the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock valued at $4,423,835,000 after buying an additional 139,986 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Adobe Systems by 2.9% in the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock valued at $4,301,480,000 after buying an additional 937,118 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Adobe Systems by 7.3% in the first quarter. Geode Capital Management LLC now owns 4,695,244 shares of the software company’s stock valued at $610,096,000 after buying an additional 321,266 shares in the last quarter. Finally, Polen Capital Management LLC boosted its position in shares of Adobe Systems by 7.2% in the first quarter. Polen Capital Management LLC now owns 4,609,638 shares of the software company’s stock valued at $599,852,000 after buying an additional 311,512 shares in the last quarter. Institutional investors and hedge funds own 87.64% of the company’s stock.

Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.18% during trading on Friday, reaching $147.97. The company had a trading volume of 1,699,265 shares. The stock has a 50 day moving average price of $146.59 and a 200-day moving average price of $134.36. Adobe Systems Incorporated has a 52-week low of $97.87 and a 52-week high of $151.99. The company has a market capitalization of $73.01 billion, a PE ratio of 51.54 and a beta of 1.00.

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

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Several research analysts have recently weighed in on ADBE shares. Vetr cut Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price on the stock. in a report on Tuesday, June 20th. Canaccord Genuity restated a “buy” rating and set a $165.00 target price (up from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Royal Bank Of Canada restated a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. Finally, Piper Jaffray Companies boosted their target price on Adobe Systems from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $154.20.

In other news, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total transaction of $311,034.57. Following the completion of the sale, the executive vice president now directly owns 61,944 shares of the company’s stock, valued at approximately $8,628,179.76. The disclosure for this sale can be found here. Insiders have sold a total of 102,239 shares of company stock worth $14,877,475 in the last ninety days. 0.38% of the stock is currently owned by insiders.

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.

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

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