Bellevue Asset Management LLC Sells 297 Shares of Adobe Inc (NASDAQ:ADBE)
Bellevue Asset Management LLC lessened its stake in shares of Adobe Inc (NASDAQ:ADBE) by 8.9% during the first quarter, Holdings Channel.com reports. The fund owned 3,026 shares of the software company’s stock after selling 297 shares during the period. Adobe comprises 1.1% of Bellevue Asset Management LLC’s investment portfolio, making the stock its 26th largest position. Bellevue Asset Management LLC’s holdings in Adobe were worth $1,046,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the business. BlackRock Inc. increased its stake in Adobe by 6.5% during the 1st quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock worth $11,598,502,000 after acquiring an additional 2,219,627 shares during the period. State Street Corp increased its stake in Adobe by 0.8% during the 4th quarter. State Street Corp now owns 19,911,953 shares of the software company’s stock worth $6,567,161,000 after acquiring an additional 157,055 shares during the period. Janus Henderson Group PLC increased its stake in Adobe by 2.5% during the 4th quarter. Janus Henderson Group PLC now owns 8,039,818 shares of the software company’s stock worth $2,651,587,000 after acquiring an additional 194,488 shares during the period. Jennison Associates LLC increased its stake in Adobe by 1.3% during the 1st quarter. Jennison Associates LLC now owns 7,486,574 shares of the software company’s stock worth $2,382,527,000 after acquiring an additional 98,908 shares during the period. Finally, Geode Capital Management LLC increased its stake in Adobe by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 6,872,434 shares of the software company’s stock worth $2,261,878,000 after acquiring an additional 202,542 shares during the period. Hedge funds and other institutional investors own 84.25% of the company’s stock.
In related news, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total transaction of $1,534,850.00. Following the transaction, the chief marketing officer now directly owns 59,565 shares of the company’s stock, valued at approximately $18,284,668.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $301.40, for a total value of $180,840.00. Following the transaction, the executive vice president now directly owns 13,655 shares in the company, valued at $4,115,617. The disclosure for this sale can be found here. Insiders sold a total of 17,298 shares of company stock worth $5,953,576 over the last three months. 0.31% of the stock is owned by company insiders.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.23 by $0.04. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.05 billion. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.71 EPS. On average, sell-side analysts predict that Adobe Inc will post 8 earnings per share for the current fiscal year.
ADBE has been the topic of a number of recent research reports. Citigroup lowered their price objective on Adobe from $329.00 to $293.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. Wells Fargo & Co decreased their price target on Adobe from $345.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, March 13th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $322.00 to $325.00 in a research note on Friday, March 13th. Cowen lifted their price target on Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a research note on Friday, March 13th. Finally, Morgan Stanley reiterated a “buy” rating and issued a $375.00 price target on shares of Adobe in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $345.62.
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.
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