First Personal Financial Services Reduces Position in Adobe Systems Incorporated (ADBE)

First Personal Financial Services lowered its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 29.7% in the second quarter, HoldingsChannel.com reports. The firm owned 1,969 shares of the software company’s stock after selling 831 shares during the period. First Personal Financial Services’ holdings in Adobe Systems were worth $480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the business. ARK Investment Management LLC boosted its position in Adobe Systems by 21.4% during the second quarter. ARK Investment Management LLC now owns 43,392 shares of the software company’s stock worth $10,579,000 after purchasing an additional 7,640 shares during the period. Dynamic Advisor Solutions LLC boosted its position in Adobe Systems by 21.9% during the second quarter. Dynamic Advisor Solutions LLC now owns 6,388 shares of the software company’s stock worth $1,558,000 after purchasing an additional 1,147 shares during the period. Karp Capital Management Corp boosted its position in Adobe Systems by 5.2% during the second quarter. Karp Capital Management Corp now owns 9,070 shares of the software company’s stock worth $2,211,000 after purchasing an additional 450 shares during the period. Private Advisory Group LLC boosted its position in Adobe Systems by 14.6% during the second quarter. Private Advisory Group LLC now owns 4,199 shares of the software company’s stock worth $1,024,000 after purchasing an additional 535 shares during the period. Finally, Toronto Dominion Bank boosted its position in Adobe Systems by 34.2% during the second quarter. Toronto Dominion Bank now owns 355,926 shares of the software company’s stock worth $85,267,000 after purchasing an additional 90,668 shares during the period. 86.51% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on ADBE shares. Robert W. Baird upped their target price on Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. JPMorgan Chase & Co. upped their target price on Adobe Systems from $235.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, June 15th. Finally, Royal Bank of Canada upped their target price on Adobe Systems to $268.00 and gave the stock an “outperform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Adobe Systems presently has a consensus rating of “Buy” and an average target price of $241.76.

In related news, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction on Monday, June 18th. The stock was sold at an average price of $255.19, for a total value of $1,531,140.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,945 shares of the firm’s stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total value of $746,557.50. Following the completion of the transaction, the executive vice president now directly owns 67,377 shares of the company’s stock, valued at $17,080,069.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,324 shares of company stock valued at $6,511,829. 0.33% of the stock is owned by company insiders.

ADBE opened at $248.89 on Friday. Adobe Systems Incorporated has a 1-year low of $143.95 and a 1-year high of $263.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. The company has a market capitalization of $124.23 billion, a PE ratio of 69.33, a price-to-earnings-growth ratio of 2.76 and a beta of 1.12.

Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.12. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. Adobe Systems’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.02 earnings per share. sell-side analysts predict that Adobe Systems Incorporated will post 5.61 EPS for the current year.

Adobe Systems declared that its Board of Directors has approved a stock repurchase program on Monday, May 21st that permits the company to repurchase $8.00 billion in shares. This repurchase authorization permits the software company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

About Adobe Systems

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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

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