State of Tennessee Treasury Department decreased its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 0.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 507,450 shares of the software company’s stock after selling 4,598 shares during the period. State of Tennessee Treasury Department owned 0.10% of Adobe Systems worth $71,774,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. 1ST Source Bank increased its position in Adobe Systems by 0.3% during the 2nd quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock valued at $261,000 after purchasing an additional 6 shares during the period. Guardian Life Insurance Co. of America increased its position in Adobe Systems by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock valued at $250,000 after purchasing an additional 13 shares during the period. Perigon Wealth Management LLC increased its position in Adobe Systems by 0.4% during the 1st quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock valued at $387,000 after purchasing an additional 13 shares during the period. Trust Co. of Vermont increased its position in Adobe Systems by 0.6% during the 2nd quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock valued at $372,000 after purchasing an additional 16 shares during the period. Finally, Bank of Stockton increased its position in Adobe Systems by 0.4% during the 2nd quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock valued at $743,000 after purchasing an additional 20 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Adobe Systems Incorporated (ADBE) opened at 154.49 on Monday. Adobe Systems Incorporated has a 12-month low of $98.00 and a 12-month high of $157.89. The stock has a market capitalization of $76.23 billion, a price-to-earnings ratio of 53.81 and a beta of 1.00. The stock’s 50 day moving average is $151.06 and its 200 day moving average is $139.34.

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 Thomson Reuters’ 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 firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the company earned $0.71 earnings per share. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. Equities research analysts forecast that Adobe Systems Incorporated will post $4.06 EPS for the current fiscal year.

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In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $144.00, for a total transaction of $281,232.00. Following the completion of the sale, the executive vice president now directly owns 59,991 shares of the company’s stock, valued at $8,638,704. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 12,500 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,959 shares of company stock valued at $14,870,874. Corporate insiders own 0.38% of the company’s stock.

ADBE has been the topic of a number of recent analyst reports. Robert W. Baird restated an “outperform” rating and issued a $160.00 price target (up from $140.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price target on the stock in a report on Friday, June 23rd. Royal Bank Of Canada raised their price target on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a report on Thursday, August 31st. Finally, Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Adobe Systems currently has a consensus rating of “Buy” and a consensus target price of $154.41.

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)

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