Westend Advisors Lowers stake in Adobe Systems Incorporated (ADBE)

Adobe Systems Incorporated (ADBE) : Westend Advisors reduced its stake in Adobe Systems Incorporated by 9.57% during the most recent quarter end. The investment management company now holds a total of 1,192,662 shares of Adobe Systems Incorporated which is valued at $114,459,772 after selling 126,240 shares in Adobe Systems Incorporated , the firm said in a disclosure report filed with the SEC on May 10, 2016.Adobe Systems Incorporated makes up approximately 5.83% of Westend Advisors’s portfolio.

Other Hedge Funds, Including , Baldwin Investment Management boosted its stake in ADBE in the latest quarter, The investment management firm added 5,025 additional shares and now holds a total of 9,650 shares of Adobe Systems Incorporated which is valued at $926,111. Adobe Systems Incorporated makes up approx 0.40% of Baldwin Investment Management’s portfolio.Banque Pictet Cie Sa reduced its stake in ADBE by selling 8,195 shares or 12.02% in the most recent quarter. The Hedge Fund company now holds 59,999 shares of ADBE which is valued at $5,657,906. Adobe Systems Incorporated makes up approx 0.15% of Banque Pictet Cie Sa’s portfolio.Td Asset Management Inc reduced its stake in ADBE by selling 11,939 shares or 4.74% in the most recent quarter. The Hedge Fund company now holds 239,719 shares of ADBE which is valued at $22,605,502. Adobe Systems Incorporated makes up approx 0.04% of Td Asset Management Inc’s portfolio.Harfst Associates reduced its stake in ADBE by selling 331 shares or 6.99% in the most recent quarter. The Hedge Fund company now holds 4,406 shares of ADBE which is valued at $415,486. Adobe Systems Incorporated makes up approx 0.26% of Harfst Associates’s portfolio.

Adobe Systems Incorporated opened for trading at $95.91 and hit $97.76 on the upside on Monday, eventually ending the session at $97.23, with a gain of 1.31% or 1.26 points. The heightened volatility saw the trading volume jump to 19,18,527 shares. Company has a market cap of $48,635 M.

On the company’s financial health, Adobe Systems Incorporated reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Mar 17, 2016. Analyst had a consensus of $0.61. The company had revenue of $1383.30 million for the quarter, compared to analysts expectations of $1336.47 million. The company’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS.

Many Wall Street Analysts have commented on Adobe Systems Incorporated. Company shares were Resumed by Credit Suisse on Apr 21, 2016 to “Neutral”, Firm has raised the Price Target to $ 105 from a previous price target of $85 .Company shares were Reiterated by FBR Capital on Apr 12, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 115 from a previous price target of $100 .Company shares were Reiterated by Dougherty & Company on Apr 4, 2016 to “Buy”, Firm has raised the Price Target to $ 122 from a previous price target of $116 .

Adobe Systems Incorporated (Adobe) is a software company. The Company offers products and services for professionals marketers application developers enterprises and consumers for creating managing delivering optimizing and engaging with content. Adobe markets and licenses its products and services through app stores and its Website www.adobe.com. The Company’s operates in three segments: Digital Marketing Digital Media and Print and Publishing. In Digital Media the Company is engaged in providing tools services and solutions that enable to create publish and promote their content. In Digital Marketing the Company is engaged in providing solutions and services for creating managing executing measuring and optimizing digital advertising and marketing campaigns. Adobe’s Print and Publishing segment addresses various market opportunities including eLearning solutions technical document publishing Web application development and high-end printing.

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