Adobe Systems Incorporated (ADBE) Shares Sold by Meadow Creek Investment Management LLC

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Meadow Creek Investment Management LLC cut its position in Adobe Systems Incorporated (NASDAQ:ADBE) by 19.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 287,028 shares of the software company’s stock after selling 69,216 shares during the quarter. Adobe Systems makes up about 1.5% of Meadow Creek Investment Management LLC’s holdings, making the stock its 10th biggest position. Meadow Creek Investment Management LLC’s holdings in Adobe Systems were worth $69,980,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Pioneer Trust Bank N A OR boosted its holdings in Adobe Systems by 8.0% in 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 period. RB Capital Management LLC lifted its holdings in shares of Adobe Systems by 4.7% during the 2nd quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock worth $1,077,000 after acquiring an additional 200 shares during the period. Violich Capital Management Inc. lifted its holdings in shares of Adobe Systems by 6.8% during the 2nd quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock worth $762,000 after acquiring an additional 200 shares during the period. Wetherby Asset Management Inc. lifted its holdings in shares of Adobe Systems by 1.6% during the 2nd quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock worth $3,254,000 after acquiring an additional 213 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Adobe Systems by 4.0% during the 2nd quarter. Private Trust Co. NA now owns 5,847 shares of the software company’s stock worth $1,425,000 after acquiring an additional 224 shares during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.

In other Adobe Systems news, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction dated Monday, June 18th. The shares were 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. Insiders sold a total of 25,324 shares of company stock valued at $6,511,829 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

ADBE opened at $268.36 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $128.49 billion, a price-to-earnings ratio of 74.75, a P/E/G ratio of 2.85 and a beta of 1.12. Adobe Systems Incorporated has a 1-year low of $143.95 and a 1-year high of $269.96.

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

Adobe Systems announced that its Board of Directors has approved a stock repurchase program on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to buy up to 6.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

A number of research firms have recently commented on ADBE. BidaskClub downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price objective for the company in a report on Tuesday, June 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $280.00 price objective (up from $245.00) on shares of Adobe Systems in a report on Friday, June 15th. Morgan Stanley raised their price objective on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an “equal weight” rating in a report on Friday, June 15th. Finally, Barclays raised their price objective on shares of Adobe Systems from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, June 12th. Nine equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $241.76.

About Adobe Systems

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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