Bank of New York Mellon Corp Sells 523,052 Shares of Adobe Systems Incorporated (ADBE)
Bank of New York Mellon Corp reduced its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 3.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,424,222 shares of the software company’s stock after selling 523,052 shares during the quarter. Bank of New York Mellon Corp owned about 2.72% of Adobe Systems worth $1,898,721,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. FMR LLC grew its stake 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 worth $4,423,835,000 after purchasing an additional 139,986 shares in the last quarter. Vanguard Group Inc. grew its stake 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 worth $4,301,480,000 after purchasing an additional 937,118 shares in the last quarter. BlackRock Inc. grew its stake in shares of 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 purchasing an additional 30,228,013 shares in the last quarter. State Street Corp grew its stake in shares of Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after purchasing an additional 234,270 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake 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 worth $693,890,000 after purchasing an additional 349,088 shares in the last quarter. Hedge funds and other institutional investors own 87.53% of the company’s stock.
Shares of Adobe Systems Incorporated (ADBE) opened at 155.06 on Monday. Adobe Systems Incorporated has a 52 week low of $97.87 and a 52 week high of $156.06. The company has a 50-day moving average price of $149.22 and a 200 day moving average price of $137.01. The stock has a market capitalization of $76.51 billion, a P/E ratio of 54.01 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for 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 period in the previous year, the company posted $0.71 earnings per share. Analysts forecast that Adobe Systems Incorporated will post $4.06 earnings per share for the current fiscal year.
In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction dated 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 quarter, insiders have sold 102,239 shares of company stock worth $14,877,475. Corporate insiders own 0.38% of the company’s stock.
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Several research analysts have recently issued reports on the company. Vetr cut Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research note on Thursday. Robert W. Baird reissued a “buy” rating and issued a $160.00 price target on shares of Adobe Systems in a research note on Friday. Jefferies Group LLC assumed coverage on Adobe Systems in a research note on Thursday, August 24th. They issued a “buy” rating and a $175.00 price target for the company. Bank of America Corporation increased their price target on Adobe Systems from $108.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 25th. Finally, BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $152.46.
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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