Trading Report: Today, Retirement Systems of Alabama Reduces Stake in Adobe Systems Inc. (ADBE)

Today, Retirement Systems of Alabama Reduces Stake in Adobe Systems Inc. (ADBE)

Retirement Systems of Alabama cut its position in Adobe Systems Inc. (NASDAQ:ADBE) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,021 shares of the software company’s stock after selling 2,991 shares during the period. Retirement Systems of Alabama owned about 0.05% of Adobe Systems worth $27,354,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Panagora Asset Management Inc. raised its stake in Adobe Systems by 248.2% in the first quarter. Panagora Asset Management Inc. now owns 160,048 shares of the software company’s stock worth $15,013,000 after buying an additional 114,079 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Adobe Systems during the first quarter worth about $2,522,000. Ladenburg Thalmann Financial Services Inc. raised its stake in Adobe Systems by 55.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,126 shares of the software company’s stock worth $1,795,000 after buying an additional 6,798 shares in the last quarter. First Republic Investment Management Inc. raised its stake in Adobe Systems by 99.8% in the first quarter. First Republic Investment Management Inc. now owns 226,264 shares of the software company’s stock worth $21,223,000 after buying an additional 113,001 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new stake in Adobe Systems during the first quarter worth about $267,000. Institutional investors and hedge funds own 88.01% of the company’s stock.

Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.78% on Friday, hitting $105.02. 937,741 shares of the stock traded hands. Adobe Systems Inc. has a 1-year low of $71.27 and a 1-year high of $111.09. The stock has a 50 day moving average of $107.05 and a 200-day moving average of $101.26. The stock has a market cap of $52.22 billion, a PE ratio of 53.58 and a beta of 1.14.

Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. The business earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. On average, equities research analysts expect that Adobe Systems Inc. will post $2.98 EPS for the current year.

A number of research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price objective on the stock. in a research report on Wednesday, September 21st. Goldman Sachs Group Inc. boosted their price objective on shares of Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a research report on Wednesday, September 21st. Canaccord Genuity boosted their price objective on shares of Adobe Systems from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 21st. Finally, Robert W. Baird raised shares of Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research report on Thursday, August 25th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $112.87.

In related news, Director James E. Daley sold 6,276 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $108.00, for a total value of $677,808.00. Following the completion of the transaction, the director now owns 34,362 shares of the company’s stock, valued at $3,711,096. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael A. Dillon sold 13,331 shares of the business’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $109.64, for a total value of $1,461,610.84. Following the completion of the transaction, the executive vice president now directly owns 30,993 shares of the company’s stock, valued at approximately $3,398,072.52. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.

Adobe Systems Company Profile

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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