Adobe Systems Incorporated (ADBE) Shares Sold by Trillium Asset Management LLC
Trillium Asset Management LLC cut its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,598 shares of the software company’s stock after selling 2,912 shares during the period. Adobe Systems makes up about 1.5% of Trillium Asset Management LLC’s holdings, making the stock its 9th largest position. Trillium Asset Management LLC’s holdings in Adobe Systems were worth $24,554,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in 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 worth $438,907,000 after buying an additional 1,619,111 shares in the last quarter. Egerton Capital UK LLP bought a new position in Adobe Systems during the first quarter worth $209,666,000. Pioneer Investment Management Inc. bought a new position in Adobe Systems during the first quarter worth $201,774,000. Finally, Wellington Management Group LLP raised its position in 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 worth $521,737,000 after buying an additional 1,152,281 shares in the last quarter. Institutional investors and hedge funds own 87.53% of the company’s stock.
Adobe Systems Incorporated (NASDAQ:ADBE) opened at 155.06 on Friday. Adobe Systems Incorporated has a 12 month low of $97.87 and a 12 month high of $156.06. The stock has a market capitalization of $76.51 billion, a PE ratio of 54.01 and a beta of 1.00. The stock has a 50 day moving average price of $149.22 and a 200 day moving average price of $137.01.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the firm earned $0.71 EPS. Adobe Systems’s revenue for the quarter was up 26.7% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
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A number of research analysts have recently weighed in on ADBE shares. Vetr lowered 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 issued a $165.00 target price (up previously 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, August 16th. Royal Bank Of Canada restated a “buy” rating and issued a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. Finally, Piper Jaffray Companies raised their target price on Adobe Systems from $160.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $152.46.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $139.29, for a total value of $311,034.57. Following the completion of the sale, the executive vice president now owns 61,944 shares in the company, valued at approximately $8,628,179.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Donna Morris sold 10,000 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 102,239 shares of company stock worth $14,877,475. 0.38% of the stock is 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.
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