New York State Teachers Retirement System trimmed its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 760,781 shares of the software company’s stock after selling 7,880 shares during the period. New York State Teachers Retirement System owned 0.15% of Adobe Systems worth $113,493,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Capital Advisors Ltd. LLC bought a new stake in shares of Adobe Systems during the 2nd quarter valued at $100,000. CWM LLC raised its position in shares of Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Adobe Systems by 170.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after purchasing an additional 567 shares during the period. Sumitomo Mitsui Financial Group Inc. bought a new stake in shares of Adobe Systems during the 2nd quarter valued at $141,000. Finally, Acrospire Investment Management LLC raised its position in shares of Adobe Systems by 100.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 87.64% of the company’s stock.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share.
In other news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares in the company, valued at $8,784,773.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Matthew Thompson sold 2,190 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $173.42, for a total transaction of $379,789.80. The disclosure for this sale can be found here. Insiders have sold 14,849 shares of company stock valued at $2,452,281 over the last 90 days. 0.38% of the stock is currently owned by company insiders.
Several analysts have recently commented on the stock. Vetr upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $172.83 price objective on the stock in a research report on Thursday. Royal Bank Of Canada restated a “buy” rating on shares of Adobe Systems in a research report on Wednesday, September 20th. Canaccord Genuity restated a “buy” rating and set a $170.00 price objective (up from $165.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Adobe Systems in a research report on Wednesday, September 20th. Finally, Cowen and Company restated an “outperform” rating and set a $165.00 price objective on shares of Adobe Systems in a research report on Tuesday, October 3rd. Seven investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $170.06.
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.
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