Palladium Partners LLC Cuts Stake in Adobe Systems Incorporated (ADBE)

Palladium Partners LLC cut its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 42.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,445 shares of the software company’s stock after selling 39,463 shares during the quarter. Palladium Partners LLC’s holdings in Adobe Systems were worth $7,973,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. 1ST Source Bank grew its position in Adobe Systems by 0.3% in the 2nd quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after purchasing an additional 6 shares during the last quarter. Perigon Wealth Management LLC grew its position in Adobe Systems by 0.4% in the 1st quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock worth $387,000 after purchasing an additional 13 shares during the last quarter. Guardian Life Insurance Co. of America grew its position in Adobe Systems by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock worth $250,000 after purchasing an additional 13 shares during the last quarter. Trust Co. of Vermont grew its position in Adobe Systems by 0.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after purchasing an additional 16 shares during the last quarter. Finally, Bank of Stockton grew its position in Adobe Systems by 0.4% in the 2nd quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 87.45% of the company’s stock.

Adobe Systems Incorporated (NASDAQ ADBE) opened at $179.52 on Monday. Adobe Systems Incorporated has a 12 month low of $98.00 and a 12 month high of $186.27. The firm has a market cap of $88,493.13, a PE ratio of 54.07, a price-to-earnings-growth ratio of 3.05 and a beta of 1.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. sell-side analysts anticipate that Adobe Systems Incorporated will post 3.46 EPS for the current year.

ADBE has been the topic of several recent research reports. Royal Bank Of Canada reiterated a “buy” rating on shares of Adobe Systems in a research report on Wednesday, September 20th. Vetr upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 target price on the stock in a research report on Wednesday, November 29th. Canaccord Genuity reiterated a “buy” rating and set a $170.00 target price (up from $165.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Oppenheimer reiterated a “hold” rating on shares of Adobe Systems in a research report on Wednesday, September 20th. Finally, Cowen reiterated an “outperform” rating and set a $165.00 target price on shares of Adobe Systems in a research report on Tuesday, October 3rd. Six analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. Adobe Systems currently has an average rating of “Buy” and an average price target of $175.67.

In related news, EVP Matthew Thompson sold 2,190 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $173.42, for a total transaction of $379,789.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Warnock sold 6,800 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $2,802,529.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,849 shares of company stock valued at $2,519,679. 0.38% of the stock is currently owned by insiders.

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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.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

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