Quantitative Systematic Strategies LLC Lowers Stake in Adobe Systems Incorporated (ADBE)

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Quantitative Systematic Strategies LLC decreased its stake in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 46.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,115 shares of the software company’s stock after selling 5,206 shares during the period. Quantitative Systematic Strategies LLC’s holdings in Adobe Systems were worth $1,491,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Signature Estate & Investment Advisors LLC bought a new position in Adobe Systems in the second quarter valued at $107,000. Reilly Financial Advisors LLC grew its position in Adobe Systems by 85.2% in the first quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock valued at $124,000 after purchasing an additional 265 shares in the last quarter. Exchange Capital Management Inc. bought a new position in Adobe Systems in the first quarter valued at $125,000. Rainier Group Investment Advisory LLC bought a new position in Adobe Systems in the first quarter valued at $130,000. Finally, Mount Yale Investment Advisors LLC bought a new position in Adobe Systems in the first quarter valued at $132,000. 86.51% of the stock is owned by institutional investors.

Shares of ADBE opened at $245.70 on Friday. Adobe Systems Incorporated has a one year low of $143.95 and a one year high of $263.83. The stock has a market capitalization of $124.23 billion, a PE ratio of 68.44, a PEG ratio of 2.76 and a beta of 1.12. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.12. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the firm posted $1.02 EPS. The company’s quarterly revenue was up 23.9% on a year-over-year basis. research analysts forecast that Adobe Systems Incorporated will post 5.61 earnings per share for the current fiscal year.

Adobe Systems announced that its board has initiated a share repurchase program on Monday, May 21st that authorizes the company to buyback $8.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

A number of research analysts recently weighed in on ADBE shares. Bank of America raised their target price on shares of Adobe Systems from $278.00 to $292.00 in a research report on Friday, June 15th. Stifel Nicolaus raised their target price on shares of Adobe Systems from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, June 15th. Canaccord Genuity reaffirmed a “buy” rating and issued a $280.00 target price (up previously from $245.00) on shares of Adobe Systems in a research report on Friday, June 15th. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $267.00 target price for the company in a research report on Tuesday, May 15th. Finally, Robert W. Baird raised their target price on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Ten equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $241.76.

In other news, EVP Ann Lewnes sold 2,939 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total transaction of $745,918.20. Following the completion of the sale, the executive vice president now owns 61,498 shares in the company, valued at approximately $15,608,192.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction dated Monday, June 18th. The stock was sold at an average price of $255.19, for a total transaction of $1,531,140.00. The disclosure for this sale can be found here. In the last three months, insiders sold 25,324 shares of company stock valued at $6,511,829. Insiders own 0.33% of the company’s stock.

Adobe Systems Profile

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

Further Reading: Market Capitalization – What it Means for Investors

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

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