Bristol John W & Co. Inc. NY Reduces Stake in Adobe Systems Incorporated (ADBE)

Bristol John W & Co. Inc. NY decreased its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 494,749 shares of the software company’s stock after selling 22,963 shares during the period. Bristol John W & Co. Inc. NY owned 0.10% of Adobe Systems worth $64,382,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. TCI Wealth Advisors Inc. increased its position in Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock worth $120,000 after buying an additional 110 shares in the last quarter. Clean Yield Group increased its position in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock worth $123,000 after buying an additional 280 shares in the last quarter. Kernodle & Katon Asset Management Group LLC increased its position in Adobe Systems by 69.8% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,204 shares of the software company’s stock worth $131,000 after buying an additional 495 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Adobe Systems during the fourth quarter worth about $148,000. Finally, Israel Discount Bank of New York GFN purchased a new position in Adobe Systems during the fourth quarter worth about $152,000. Hedge funds and other institutional investors own 87.25% of the company’s stock.

Institutional Ownership by Quarter for Adobe Systems (NASDAQ:ADBE)

Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded up 0.97% during mid-day trading on Monday, reaching $130.30. The company had a trading volume of 187,467 shares. The company has a market capitalization of $64.46 billion, a PE ratio of 49.75 and a beta of 1.06. Adobe Systems Incorporated has a 52-week low of $90.35 and a 52-week high of $131.33. The company’s 50-day moving average price is $124.94 and its 200-day moving average price is $112.64.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.07. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. On average, analysts forecast that Adobe Systems Incorporated will post $3.95 earnings per share for the current fiscal year.

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A number of analysts have weighed in on ADBE shares. Canaccord Genuity increased their price objective on Adobe Systems to $145.00 in a research report on Friday, March 17th. Vetr raised Adobe Systems from a “hold” rating to a “buy” rating and set a $117.99 price objective for the company in a research report on Monday, January 30th. Cowen and Company set a $140.00 price objective on Adobe Systems and gave the stock a “buy” rating in a research report on Saturday, March 11th. Wunderlich raised Adobe Systems from a “hold” rating to a “buy” rating and increased their price objective for the stock from $115.00 to $145.00 in a research report on Friday, March 17th. They noted that the move was a valuation call. Finally, Citigroup Inc increased their price objective on Adobe Systems to $141.00 and gave the stock a “buy” rating in a research report on Friday, March 17th. Five research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $133.63.

In other Adobe Systems news, EVP Bryan Lamkin sold 20,000 shares of the stock in a transaction on Friday, March 31st. The shares were sold at an average price of $130.30, for a total transaction of $2,606,000.00. Following the transaction, the executive vice president now directly owns 52,083 shares of the company’s stock, valued at $6,786,414.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $107.28, for a total transaction of $536,400.00. Following the sale, the chairman now owns 16,088 shares of the company’s stock, valued at $1,725,920.64. The disclosure for this sale can be found here. Insiders have sold 408,358 shares of company stock worth $47,525,072 over the last three months. 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.

5 Day Chart for NASDAQ:ADBE

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