Douglas Lane & Associates LLC Cuts Stake in Adobe Systems Incorporated (ADBE)

Douglas Lane & Associates LLC lessened its holdings in Adobe Systems Incorporated (NASDAQ:ADBE) by 33.7% during the third quarter, HoldingsChannel.com reports. The fund owned 21,373 shares of the software company’s stock after selling 10,840 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Adobe Systems were worth $5,770,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADBE. Signature Estate & Investment Advisors LLC purchased a new stake in Adobe Systems during the 2nd quarter worth $107,000. Rainier Group Investment Advisory LLC purchased a new stake in Adobe Systems during the 1st quarter worth $130,000. Mount Yale Investment Advisors LLC purchased a new stake in Adobe Systems during the 1st quarter worth $132,000. Centaurus Financial Inc. purchased a new stake in Adobe Systems during the 2nd quarter worth $170,000. Finally, Cerebellum GP LLC increased its stake in Adobe Systems by 55.8% during the 2nd quarter. Cerebellum GP LLC now owns 712 shares of the software company’s stock worth $174,000 after buying an additional 255 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

In other Adobe Systems news, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total transaction of $2,730,105.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,939 shares of Adobe Systems stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the transaction, the executive vice president now directly owns 61,498 shares of the company’s stock, valued at $15,608,192.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,320 shares of company stock valued at $5,031,554. 0.33% of the stock is owned by company insiders.

Shares of ADBE stock opened at $237.91 on Thursday. The firm has a market cap of $131.77 billion, a price-to-earnings ratio of 66.27, a P/E/G ratio of 2.91 and a beta of 1.08. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Systems Incorporated has a 1-year low of $148.15 and a 1-year high of $277.61.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period last year, the business earned $1.10 EPS. Equities analysts forecast that Adobe Systems Incorporated will post 5.65 earnings per share for the current fiscal year.

ADBE has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a research note on Friday, June 15th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $290.00 price target on shares of Adobe Systems in a research note on Friday, June 15th. Canaccord Genuity reaffirmed a “buy” rating and set a $280.00 price target (up previously from $245.00) on shares of Adobe Systems in a research note on Friday, June 15th. Stifel Nicolaus lifted their price target on shares of Adobe Systems from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, June 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Adobe Systems from $235.00 to $260.00 and gave the stock a “neutral” rating in a research note on Friday, June 15th. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Adobe Systems has a consensus rating of “Buy” and an average target price of $262.03.

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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