market folly

Jeff Ubben's activist investment firm ValueAct Capital has filed a Form 4 with the SEC regarding its position in Adobe Systems (ADBE).  Per the filing, ValueAct trimmed its ADBE position on July 14th-16th.

In total, ValueAct sold 1.693 million shares at prices of $82.11, $82.06, and $82.45.  After these sales, ValueAct still owns just over 14 million shares of Adobe. 

This is the second time ValueAct has trimmed its Adobe stake in recent months.  In fact, they've been cutting their exposure to the name gradually since 2013 when they owned as much as 25 million shares.

Per Google Finance, Adobe Systems 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.."

You can view additional recent portfolio activity from ValueAct here.