Retirement Systems of Alabama lowered its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,012 shares of the software company’s stock after selling 2,778 shares during the period. Retirement Systems of Alabama owned approximately 0.05% of Adobe Systems worth $24,428,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the stock. National Pension Service raised its stake in Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock valued at $25,627,000 after buying an additional 11,220 shares during the last quarter. Atalanta Sosnoff Capital LLC raised its stake in Adobe Systems by 53.5% in the second quarter. Atalanta Sosnoff Capital LLC now owns 220,831 shares of the software company’s stock valued at $21,153,000 after buying an additional 76,988 shares during the last quarter. AMP Capital Investors Ltd raised its stake in Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock valued at $30,786,000 after buying an additional 45,577 shares during the last quarter. Nordea Investment Management AB raised its stake in Adobe Systems by 5.5% in the second quarter. Nordea Investment Management AB now owns 45,538 shares of the software company’s stock valued at $4,362,000 after buying an additional 2,370 shares during the last quarter. Finally, EP Wealth Advisors Inc. raised its stake in Adobe Systems by 0.9% in the first quarter. EP Wealth Advisors Inc. now owns 5,074 shares of the software company’s stock valued at $476,000 after buying an additional 44 shares during the last quarter. Institutional investors own 87.53% of the company’s stock.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded up 2.27% during mid-day trading on Tuesday, hitting $109.70. The stock had a trading volume of 3,531,392 shares. Adobe Systems Incorporated has a 52-week low of $71.27 and a 52-week high of $109.76. The stock has a 50 day moving average price of $101.95 and a 200-day moving average price of $97.33. The company has a market cap of $54.69 billion, a PE ratio of 55.97 and a beta of 1.24.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.54 earnings per share. On average, equities analysts expect that Adobe Systems Incorporated will post $2.97 earnings per share for the current fiscal year.
ADBE has been the topic of several recent research reports. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 price target on the stock in a report on Thursday, September 8th. Robert W. Baird upgraded Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 target price on the stock in a research note on Thursday, August 25th. Cowen and Company increased their target price on Adobe Systems to $115.00 and gave the stock an “outperform” rating in a research note on Friday, September 16th. Royal Bank Of Canada increased their target price on Adobe Systems from $115.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 21st. Finally, Argus increased their target price on Adobe Systems from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $110.73.
In other Adobe Systems news, EVP Bradley Rencher sold 37,562 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $95.46, for a total transaction of $3,585,668.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John E. Warnock sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $95.15, for a total value of $380,600.00. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
About Adobe Systems
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.