Essex Financial Services Inc. Sells 282 Shares of Adobe Systems Incorporated (ADBE)

Essex Financial Services Inc. decreased its holdings in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 3.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 8,327 shares of the software company’s stock after selling 282 shares during the period. Essex Financial Services Inc.’s holdings in Adobe Systems were worth $2,248,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ADBE. Edgewood Management LLC acquired a new position in Adobe Systems in the 2nd quarter worth $565,496,000. Morgan Stanley lifted its holdings in Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after buying an additional 1,515,736 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new position in Adobe Systems in the 2nd quarter worth $546,000. Chevy Chase Trust Holdings Inc. acquired a new position in Adobe Systems in the 2nd quarter worth $102,939,000. Finally, Acadian Asset Management LLC acquired a new position in Adobe Systems in the 2nd quarter worth $101,973,000. Institutional investors and hedge funds own 85.06% of the company’s stock.

Shares of NASDAQ:ADBE opened at $244.84 on Friday. 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 fifty-two week low of $165.68 and a fifty-two week high of $277.61. The stock has a market cap of $123.71 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.73 and a beta of 1.15.

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, beating 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 business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm earned $1.10 EPS. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. On average, equities analysts expect that Adobe Systems Incorporated will post 5.66 earnings per share for the current fiscal year.

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

A number of brokerages have commented on ADBE. Barclays boosted their price objective on shares of Adobe Systems to $297.00 and gave the stock an “overweight” rating in a report on Wednesday, September 12th. KeyCorp reiterated a “buy” rating and issued a $286.00 price objective (up previously from $276.00) on shares of Adobe Systems in a report on Friday, September 14th. Credit Suisse Group boosted their price objective 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 initiated coverage on shares of Adobe Systems in a report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 price objective on the stock. Finally, BidaskClub upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Saturday, August 25th. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe Systems has an average rating of “Buy” and an average price target of $271.04.

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Adobe Systems Company Profile

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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