Adobe Systems Incorporated (ADBE) Stake Decreased by RiverPark Advisors LLC
RiverPark Advisors LLC lowered its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 16.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,884 shares of the software company’s stock after selling 5,572 shares during the quarter. RiverPark Advisors LLC’s holdings in Adobe Systems were worth $4,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of the company. Capital Advisors Ltd. LLC purchased a new stake in Adobe Systems during the second quarter valued at $100,000. Parkside Financial Bank & Trust increased its position in Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after acquiring an additional 567 shares during the last quarter. BB&T Investment Services Inc. grew its holdings in Adobe Systems by 42.4% during the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after purchasing an additional 275 shares during the period. Sumitomo Mitsui Financial Group Inc. bought a new stake in Adobe Systems during the second quarter valued at about $141,000. Finally, Acrospire Investment Management LLC grew its holdings in Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 87.45% of the company’s stock.
In other Adobe Systems news, EVP Matthew Thompson sold 2,190 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $173.42, for a total transaction of $379,789.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $181.19, for a total value of $353,864.07. Following the sale, the executive vice president now owns 52,450 shares in the company, valued at $9,503,415.50. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 over the last quarter. 0.38% of the stock is owned by company insiders.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 earnings per share. analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current fiscal year.
Several research firms have issued reports on ADBE. BidaskClub lowered Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Royal Bank Of Canada reissued a “buy” rating on shares of Adobe Systems in a report on Wednesday, September 20th. Vetr raised Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 price target for the company in a report on Tuesday. Canaccord Genuity reissued a “buy” rating and set a $170.00 price target (up previously from $165.00) on shares of Adobe Systems in a report on Wednesday, September 20th. Finally, Oppenheimer reissued a “hold” rating on shares of Adobe Systems in a report on Wednesday, September 20th. Five research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Adobe Systems currently has a consensus rating of “Buy” and a consensus target price of $176.50.
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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