Gabelli Funds LLC Sells 22,798 Shares of Adobe Inc. (NASDAQ:ADBE)

Gabelli Funds LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 51.6% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 21,415 shares of the software company’s stock after selling 22,798 shares during the period. Gabelli Funds LLC’s holdings in Adobe were worth $11,897,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC raised its position in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank lifted its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. Visionary Wealth Advisors boosted its holdings in Adobe by 1.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the last quarter. Orrstown Financial Services Inc. grew its position in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC increased its stake in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after buying an additional 20 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Adobe stock opened at $527.87 on Tuesday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $234.06 billion, a PE ratio of 47.43, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s 50 day simple moving average is $548.42 and its 200 day simple moving average is $518.17.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 earnings per share. As a group, analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADBE. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets raised their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.