Crestwood Capital Management Lowers stake in Adobe Systems Incorporated (ADBE)

Adobe Systems Incorporated (ADBE) : Crestwood Capital Management reduced its stake in Adobe Systems Incorporated by 11.92% during the most recent quarter end. The investment management company now holds a total of 268,208 shares of Adobe Systems Incorporated which is valued at $27,099,736 after selling 36,292 shares in Adobe Systems Incorporated , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Adobe Systems Incorporated makes up approximately 6.45% of Crestwood Capital Management’s portfolio.

Other Hedge Funds, Including , Stephens Inc Ar reduced its stake in ADBE by selling 1,290 shares or 2.83% in the most recent quarter. The Hedge Fund company now holds 44,273 shares of ADBE which is valued at $4,384,798. Adobe Systems Incorporated makes up approx 0.19% of Stephens Inc Ar’s portfolio. Spectrum Management Group added ADBE to its portfolio by purchasing 10,415 company shares during the most recent quarter which is valued at $1,019,212. Adobe Systems Incorporated makes up approx 0.41% of Spectrum Management Group’s portfolio. Fny Managed Accounts sold out all of its stake in ADBE during the most recent quarter. The investment firm sold 625 shares of ADBE which is valued $61,206.Bourne Lent Asset Management Inc reduced its stake in ADBE by selling 1,830 shares or 1.73% in the most recent quarter. The Hedge Fund company now holds 104,190 shares of ADBE which is valued at $10,203,327. Adobe Systems Incorporated makes up approx 7.54% of Bourne Lent Asset Management Inc’s portfolio.

Adobe Systems Incorporated opened for trading at $101.85 and hit $102.68 on the upside on Monday, eventually ending the session at $102.3, with a gain of 0.24% or 0.24 points. The heightened volatility saw the trading volume jump to 11,61,560 shares. Company has a market cap of $50,975 M.

On the company’s financial health, Adobe Systems Incorporated reported $0.71 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jun 21, 2016. Analyst had a consensus of $0.68. The company had revenue of $1399.00 million for the quarter, compared to analysts expectations of $1404.12 million. The company’s revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS.

Many Wall Street Analysts have commented on Adobe Systems Incorporated. Piper Jaffray Initiated Adobe Systems Incorporated on Jul 26, 2016 to “Overweight”, Price Target of the shares are set at $125.Company shares were Reiterated by Rosenblatt on Jun 22, 2016 to “Buy”, Firm has raised the Price Target to $ 120 from a previous price target of $112 .Company shares were Reiterated by UBS on Jun 22, 2016 to “Buy”, Firm has raised the Price Target to $ 122 from a previous price target of $114 .

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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