Peapack Gladstone Financial Corp lowered its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,170 shares of the software company’s stock after selling 506 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Adobe Systems were worth $2,853,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC purchased a new stake in shares of Adobe Systems in the second quarter valued at $100,000. CWM LLC raised its stake in shares of Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after acquiring an additional 79 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after acquiring an additional 500 shares during the period. Sumitomo Mitsui Financial Group Inc. purchased a new stake in shares of Adobe Systems in the second quarter valued at $141,000. Finally, Acrospire Investment Management LLC raised its stake in shares of Adobe Systems by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 87.51% of the company’s stock.

Several research analysts recently commented on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $165.00 price target (up previously from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price target (up previously from $141.00) on shares of Adobe Systems in a research note on Tuesday, June 13th. Vetr downgraded shares of 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. Finally, Wunderlich reaffirmed a “buy” rating and issued a $165.00 price target (up previously from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $158.16.

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Shares of Adobe Systems Incorporated (NASDAQ ADBE) opened at 152.15 on Wednesday. The firm has a market cap of $75.00 billion, a PE ratio of 47.83 and a beta of 0.98. The firm’s 50-day moving average is $151.80 and its 200 day moving average is $142.93. Adobe Systems Incorporated has a 52 week low of $98.00 and a 52 week high of $157.89.

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

In other news, EVP Abhay Parasnis sold 12,500 shares of the firm’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles M. Geschke sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,406 shares of company stock valued at $7,587,150. Company insiders own 0.38% of the company’s stock.

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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