Today: The Family Capital Trust Co cuts position of Adobe Systems Inc. (ADBE)

The Family Capital Trust Co cuts position of Adobe Systems Inc. (ADBE)

Family Capital Trust Co reduced its stake in Adobe Systems Inc. (NASDAQ:ADBE) by 5.0% during the second quarter, Holdings Channel reports. The fund owned 570,546 shares of the software company’s stock after selling 30,000 shares during the period. Adobe Systems comprises approximately 32.4% of Family Capital Trust Co’s investment portfolio, making the stock its largest position. Family Capital Trust Co’s holdings in Adobe Systems were worth $54,653,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted its position in Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock valued at $118,000 after buying an additional 147 shares during the last quarter. Integrated Investment Consultants LLC boosted its position in Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock valued at $128,000 after buying an additional 935 shares during the last quarter. NEXT Financial Group Inc boosted its position in Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock valued at $137,000 after buying an additional 523 shares during the last quarter. Cypress Capital Management LLC WY purchased a new position in Adobe Systems during the second quarter valued at $142,000. Finally, Alpha Windward LLC boosted its position in Adobe Systems by 1,019.3% in the second quarter. Alpha Windward LLC now owns 1,567 shares of the software company’s stock valued at $150,000 after buying an additional 1,427 shares during the last quarter. 87.53% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.07% during midday trading on Friday, hitting $108.64. 1,405,488 shares of the company traded hands. Adobe Systems Inc. has a 52 week low of $71.27 and a 52 week high of $109.76. The company has a 50-day moving average price of $103.57 and a 200-day moving average price of $98.19. The stock has a market capitalization of $54.02 billion, a P/E ratio of 55.43 and a beta of 1.27.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The firm earned $1.46 billion during the quarter. During the same period in the prior year, the firm posted $0.54 earnings per share. Adobe Systems’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts anticipate that Adobe Systems Inc. will post $2.97 earnings per share for the current fiscal year.

Several research firms have recently weighed in on ADBE. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Friday, August 19th. Vetr raised shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $92.54 price target on the stock in a report on Thursday, August 25th. Cowen and Company reaffirmed an “outperform” rating and issued a $120.00 price target on shares of Adobe Systems in a report on Tuesday, September 27th. Stephens began coverage on shares of Adobe Systems in a report on Wednesday, August 10th. They issued an “overweight” rating and a $125.00 price target on the stock. Finally, Argus upped their price target on shares of Adobe Systems from $110.00 to $127.00 and gave the stock a “buy” rating in a report on Friday, September 23rd. Six equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Adobe Systems currently has an average rating of “Buy” and an average target price of $110.82.

In other Adobe Systems news, Director Daniel Rosensweig sold 13,000 shares of the business’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $107.42, for a total value of $1,396,460.00. Following the completion of the sale, the director now directly owns 13,000 shares of the company’s stock, valued at approximately $1,396,460. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman John E. Warnock sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $106.99, for a total transaction of $534,950.00. Following the completion of the sale, the chairman now directly owns 16,088 shares of the company’s stock, valued at $1,721,255.12. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

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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