AO Asset Management LLC trimmed its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 17.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,400 shares of the software company’s stock after selling 23,500 shares during the period. Adobe Systems accounts for 3.8% of AO Asset Management LLC’s portfolio, making the stock its 11th biggest position. AO Asset Management LLC’s holdings in Adobe Systems were worth $15,756,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. FMR LLC grew its stake in Adobe Systems by 4.9% in the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after purchasing an additional 1,651,762 shares during the period. BlackRock Inc. grew its stake in Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after purchasing an additional 2,621,275 shares during the period. Vanguard Group Inc. grew its stake in Adobe Systems by 2.9% in the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after purchasing an additional 943,487 shares during the period. State Street Corp grew its stake in 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 during the period. Finally, Polen Capital Management LLC grew its stake in Adobe Systems by 31.5% in the second quarter. Polen Capital Management LLC now owns 6,062,530 shares of the software company’s stock worth $857,484,000 after purchasing an additional 1,452,892 shares during the period. 87.43% of the stock is currently owned by institutional investors.

In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares in the company, valued at approximately $8,784,773.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Abhay Parasnis sold 12,500 shares of the business’s stock in a transaction that occurred 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. Insiders sold a total of 53,359 shares of company stock valued at $7,868,382 in the last ninety days. 0.38% of the stock is currently owned by insiders.

Shares of Adobe Systems Incorporated (NASDAQ:ADBE) opened at 147.95 on Thursday. The firm has a 50-day moving average price of $151.58 and a 200-day moving average price of $142.09. Adobe Systems Incorporated has a 12 month low of $98.00 and a 12 month high of $157.89. The stock has a market cap of $72.93 billion, a PE ratio of 46.51 and a beta of 0.98.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. Adobe Systems’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 EPS. Equities analysts forecast that Adobe Systems Incorporated will post $4.22 EPS for the current year.

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ADBE has been the topic of several recent research reports. Vetr cut Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price target on the stock. in a research note on Tuesday, June 20th. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Citigroup Inc. reissued a “buy” rating and issued a $161.00 target price (up from $141.00) on shares of Adobe Systems in a research note on Tuesday, June 13th. Canaccord Genuity reissued a “buy” rating and issued a $165.00 target price (up from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $184.00 target price (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $158.16.

Adobe Systems 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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