Shelton Capital Management cut its stake in Adobe Systems Incorporated (NASDAQ:ADBE) by 46.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,004 shares of the software company’s stock after selling 37,022 shares during the period. Shelton Capital Management’s holdings in Adobe Systems were worth $5,941,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Adobe Systems by 4.9% in the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after purchasing an additional 1,651,762 shares during the period. BlackRock Inc. boosted its holdings in Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after purchasing an additional 2,621,275 shares during the period. Vanguard Group Inc. boosted its holdings 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 valued at $4,808,783,000 after purchasing an additional 943,487 shares during the period. State Street Corp boosted its holdings 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 valued at $2,539,679,000 after purchasing an additional 234,270 shares during the period. Finally, Polen Capital Management LLC boosted its holdings 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 valued at $857,484,000 after purchasing an additional 1,452,892 shares during the period. Hedge funds and other institutional investors own 87.51% of the company’s stock.
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 price is $151.80 and its 200 day moving average price 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 EPS for the quarter, beating the consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the business earned $0.75 earnings per share. Adobe Systems’s revenue was up 25.8% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.
A number of brokerages have issued reports on ADBE. Robert W. Baird reaffirmed an “outperform” rating and set a $160.00 price target (up from $140.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Vetr downgraded Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a report on Thursday, August 31st. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. Moffett Nathanson began coverage on Adobe Systems in a report on Wednesday, September 6th. They set a “buy” rating and a $195.00 price target for the company. Finally, Wunderlich reaffirmed a “buy” rating and set a $165.00 price target (up from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $158.16.
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In other Adobe Systems news, Director Charles M. Geschke sold 25,000 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. Insiders sold 51,406 shares of company stock worth $7,587,150 in the last 90 days. 0.38% of the stock is owned by company insiders.
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.
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