Private Advisor Group LLC Sells 41,225 Shares of Adobe Systems Incorporated (ADBE)

Private Advisor Group LLC cut its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 70.4% in the third quarter, HoldingsChannel reports. The firm owned 17,364 shares of the software company’s stock after selling 41,225 shares during the period. Private Advisor Group LLC’s holdings in Adobe Systems were worth $4,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Fulton Bank N.A. bought a new stake in Adobe Systems in the 2nd quarter valued at $207,000. Osborn Williams & Donohoe LLC bought a new stake in Adobe Systems in the 2nd quarter valued at $772,000. Grassi Investment Management bought a new stake in Adobe Systems in the 2nd quarter valued at $244,000. Trust Co. of Vermont increased its holdings in Adobe Systems by 33.9% in the 2nd quarter. Trust Co. of Vermont now owns 4,053 shares of the software company’s stock valued at $988,000 after acquiring an additional 1,025 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its holdings in shares of Adobe Systems by 3.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 99,470 shares of the software company’s stock worth $24,252,000 after buying an additional 2,934 shares during the last quarter. 85.06% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on the stock. Barclays boosted their target price on shares of Adobe Systems to $297.00 and gave the stock an “overweight” rating in a report on Wednesday, September 12th. KeyCorp restated a “buy” rating and issued a $286.00 target price (up from $276.00) on shares of Adobe Systems in a report on Friday, September 14th. Credit Suisse Group boosted their target price on shares of Adobe Systems from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, September 14th. Guggenheim assumed coverage on shares of Adobe Systems in a report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 target price on the stock. Finally, BidaskClub upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. Ten investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $269.17.

ADBE stock opened at $253.43 on Thursday. Adobe Systems Incorporated has a 12 month low of $165.68 and a 12 month high of $277.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market cap of $117.43 billion, a P/E ratio of 70.59, a PEG ratio of 2.59 and a beta of 1.15.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the company earned $1.10 EPS. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. As a group, research analysts expect that Adobe Systems Incorporated will post 5.66 earnings per share for the current year.

In related news, EVP Bradley Rencher sold 12,000 shares of Adobe Systems stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,910 shares of Adobe Systems stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $261.21, for a total transaction of $760,121.10. Following the transaction, the executive vice president now directly owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,790 shares of company stock valued at $5,247,062. 0.33% of the stock is owned by corporate insiders.

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About Adobe Systems

Adobe Inc 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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