Segall Bryant & Hamill LLC lowered its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 15.8% in the second quarter, HoldingsChannel reports. The firm owned 456,760 shares of the software company’s stock after selling 85,652 shares during the quarter. Adobe Systems comprises 1.7% of Segall Bryant & Hamill LLC’s holdings, making the stock its 3rd largest position. Segall Bryant & Hamill LLC’s holdings in Adobe Systems were worth $111,363,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. HC Financial Advisors Inc. acquired a new position in Adobe Systems during the fourth quarter worth about $1,092,000. Progressive Investment Management Corp raised its stake in Adobe Systems by 270.3% during the first quarter. Progressive Investment Management Corp now owns 25,994 shares of the software company’s stock worth $5,617,000 after acquiring an additional 18,974 shares in the last quarter. FDx Advisors Inc. raised its stake in Adobe Systems by 3.2% during the first quarter. FDx Advisors Inc. now owns 40,749 shares of the software company’s stock worth $8,805,000 after acquiring an additional 1,251 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Adobe Systems by 64.4% during the first quarter. Daiwa Securities Group Inc. now owns 27,505 shares of the software company’s stock worth $5,942,000 after acquiring an additional 10,777 shares in the last quarter. Finally, Morse Asset Management Inc raised its stake in Adobe Systems by 7.5% during the first quarter. Morse Asset Management Inc now owns 30,024 shares of the software company’s stock worth $6,488,000 after acquiring an additional 2,089 shares in the last quarter. Hedge funds and other institutional investors own 86.04% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,945 shares of the company’s stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total value of $746,557.50. Following the sale, the executive vice president now directly owns 67,377 shares in the company, valued at $17,080,069.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, June 18th. The shares were sold at an average price of $255.19, for a total value of $1,531,140.00. The disclosure for this sale can be found here. Insiders sold 25,324 shares of company stock worth $6,511,829 over the last quarter. 0.33% of the stock is currently owned by company insiders.
ADBE has been the subject of several research analyst reports. Credit Suisse Group reissued an “outperform” rating and set a $250.00 target price on shares of Adobe Systems in a research note on Thursday, May 10th. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $267.00 target price for the company in a research note on Tuesday, May 15th. Robert W. Baird boosted their target price on Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. Royal Bank of Canada boosted their target price on Adobe Systems to $268.00 and gave the stock an “outperform” rating in a research note on Monday, June 11th. They noted that the move was a valuation call. Finally, Barclays boosted their price target on Adobe Systems from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, June 12th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $241.76.
Shares of ADBE stock opened at $249.76 on Tuesday. Adobe Systems Incorporated has a one year low of $143.95 and a one year high of $263.83. The company has a market capitalization of $120.31 billion, a P/E ratio of 69.57, a P/E/G ratio of 2.67 and a beta of 1.12. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $2.16 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The firm’s revenue was up 23.9% on a year-over-year basis. sell-side analysts anticipate that Adobe Systems Incorporated will post 5.61 EPS for the current fiscal year.
Adobe Systems announced that its Board of Directors has approved a stock buyback plan on Monday, May 21st that authorizes the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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.
See Also: Market Capitalization
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Systems Incorporated (NASDAQ:ADBE).
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.