ValueAct Capital Trims Adobe Systems Position ~ market folly

Thursday, October 24, 2013

ValueAct Capital Trims Adobe Systems Position

Jeff Ubben's activist hedge fund ValueAct Capital filed a Form 4 with the SEC regarding its position in Adobe Systems (ADBE).  Per the filing, ValueAct sold 3,466,894 shares at prices of $52.52, $53.01, and $53.22 on October 18th, 21st, and 22nd respectively. 

After these transactions, ValueAct is still left holding a sizable stake of 25.3 million ADBE shares.  For more activity from this hedge fund, we posted when they boosted their Rockwell Collins stake.  You can also view Jeff Ubben's presentation from the Value Investing Congress.

Per Google Finance, Adobe Systems is "a diversified software company. The Company offers a line of software and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring and engaging with content and experiences across multiple operating systems, devices and media. The Company markets and licenses its software directly to enterprise customers through its sales force and to end users through application stores and its Website at Adobe also distributes its products through a network of distributors, value-added resellers (VARs), systems integrators, independent software vendors (ISVs), retailers and original equipment manufacturers (OEMs). In May 2013, Adobe Systems Inc acquired Ideacodes LLC. In July 2013, Adobe Systems Inc announced the completion of acquisition of privately held Neolane."

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