180 Wealth Advisors LLC Sells 245 Shares of Adobe Systems Incorporated (ADBE)

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180 Wealth Advisors LLC trimmed its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 5.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,367 shares of the software company’s stock after selling 245 shares during the period. 180 Wealth Advisors LLC’s holdings in Adobe Systems were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Pioneer Trust Bank N A OR increased its position in shares of Adobe Systems by 8.0% during the 2nd quarter. Pioneer Trust Bank N A OR now owns 2,700 shares of the software company’s stock valued at $658,000 after purchasing an additional 200 shares during the last quarter. RB Capital Management LLC grew its position in Adobe Systems by 4.7% in the 2nd quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock valued at $1,077,000 after acquiring an additional 200 shares during the last quarter. Violich Capital Management Inc. grew its position in Adobe Systems by 6.8% in the 2nd quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock valued at $762,000 after acquiring an additional 200 shares during the last quarter. Wetherby Asset Management Inc. grew its position in Adobe Systems by 1.6% in the 2nd quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock valued at $3,254,000 after acquiring an additional 213 shares during the last quarter. Finally, Private Trust Co. NA grew its position in Adobe Systems by 4.0% in the 2nd quarter. Private Trust Co. NA now owns 5,847 shares of the software company’s stock valued at $1,425,000 after acquiring an additional 224 shares during the last quarter. 86.51% of the stock is currently owned by institutional investors and hedge funds.

ADBE opened at $249.76 on Tuesday. Adobe Systems Incorporated has a 12-month low of $143.95 and a 12-month high of $263.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.08 and a current ratio of 2.08. The firm has a market cap of $124.23 billion, a PE ratio of 68.82, a PEG ratio of 2.76 and a beta of 1.12.

Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 14th. The software company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.12. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The business’s revenue was up 23.9% compared to the same quarter last year. equities analysts expect that Adobe Systems Incorporated will post 5.61 EPS for the current year.

Adobe Systems announced that its Board of Directors has authorized 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 repurchase up to 6.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Several equities analysts have commented on the company. BidaskClub downgraded Adobe Systems from a “buy” rating to a “hold” rating in a research report on Saturday. Guggenheim assumed coverage on Adobe Systems in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 price objective on the stock. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price objective on the stock in a research report on Tuesday, June 19th. Bank of America upped their price objective on Adobe Systems from $278.00 to $292.00 in a research report on Friday, June 15th. Finally, Morgan Stanley upped their price objective on Adobe Systems from $235.00 to $250.00 and gave the company an “equal weight” rating in a research report on Friday, June 15th. Ten investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $241.76.

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

Adobe Systems Company 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.

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

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