Adobe Inc (ADBE) Shares Sold by Bell Rock Capital LLC

Bell Rock Capital LLC lowered its stake in Adobe Inc (NASDAQ:ADBE) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,550 shares of the software company’s stock after selling 600 shares during the quarter. Adobe makes up 1.0% of Bell Rock Capital LLC’s investment portfolio, making the stock its 28th largest position. Bell Rock Capital LLC’s holdings in Adobe were worth $1,742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Bruderman Asset Management LLC increased its stake in Adobe by 81.0% in the 4th quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock worth $283,000 after purchasing an additional 559 shares during the period. Mackenzie Financial Corp increased its stake in Adobe by 26.1% in the 3rd quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock worth $8,307,000 after purchasing an additional 6,372 shares during the period. Wisconsin Capital Management LLC purchased a new position in Adobe in the 4th quarter worth approximately $2,738,000. Aviance Capital Partners LLC increased its stake in Adobe by 12.2% in the 4th quarter. Aviance Capital Partners LLC now owns 9,366 shares of the software company’s stock worth $2,118,000 after purchasing an additional 1,020 shares during the period. Finally, Townsend & Associates Inc increased its stake in Adobe by 1.0% in the 1st quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock worth $1,270,000 after purchasing an additional 49 shares during the period. Institutional investors and hedge funds own 86.68% of the company’s stock.

ADBE has been the topic of a number of recent analyst reports. DZ Bank upgraded Adobe from a “hold” rating to a “buy” rating and set a $260.00 price objective on the stock in a research report on Thursday, December 27th. Stephens initiated coverage on Adobe in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 price objective on the stock. Pivotal Research upgraded Adobe from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $252.00 to $262.00 in a research report on Monday, January 7th. Cowen lowered Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price objective on the stock. in a research report on Friday, February 15th. Finally, Robert W. Baird lifted their price objective on Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $285.56.

NASDAQ:ADBE traded up $0.36 during trading hours on Monday, reaching $272.22. 1,332,952 shares of the company traded hands, compared to its average volume of 2,962,197. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $277.61. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $133.44 billion, a price-to-earnings ratio of 49.05, a PEG ratio of 2.66 and a beta of 1.10.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the firm earned $1.55 EPS. The firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. As a group, equities research analysts predict that Adobe Inc will post 6.24 EPS for the current year.

In related news, Director John E. Warnock sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $260.47, for a total transaction of $520,940.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at $4,190,441.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John E. Warnock sold 1,177 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $269.47, for a total value of $317,166.19. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $4,335,233.36. The disclosure for this sale can be found here. Insiders sold 284,330 shares of company stock valued at $70,317,980 in the last 90 days. Company insiders own 0.32% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “Adobe Inc (ADBE) Shares Sold by Bell Rock Capital LLC” was first posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are viewing this piece on another website, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The correct version of this piece can be accessed at https://www.baseballdailydigest.com/news/2019/04/15/bell-rock-capital-llc-sells-600-shares-of-adobe-inc-adbe.html.

About Adobe

Adobe Inc 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 customer to download and access the latest versions of its creative products.

See Also: Outstanding Shares

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.