Gabelli Funds LLC Sells 29,551 Shares of Adobe Inc. (NASDAQ:ADBE)

Gabelli Funds LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 40.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,213 shares of the software company’s stock after selling 29,551 shares during the period. Gabelli Funds LLC’s holdings in Adobe were worth $22,310,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Evolution Advisers Inc. raised its holdings in shares of Adobe by 14.3% in the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after acquiring an additional 17 shares during the last quarter. Wade G W & Inc. raised its holdings in shares of Adobe by 0.5% in the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after acquiring an additional 18 shares during the last quarter. River Street Advisors LLC raised its holdings in shares of Adobe by 2.1% in the 4th quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock worth $564,000 after acquiring an additional 19 shares during the last quarter. Finally, Invst LLC raised its holdings in shares of Adobe by 2.1% in the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after acquiring an additional 19 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 30,236 shares of company stock worth $16,281,053 in the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. KeyCorp upped their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Citigroup lowered their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Finally, Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $603.33.

Adobe Price Performance

Shares of Adobe stock traded up $10.29 on Friday, hitting $542.44. 2,090,007 shares of the company traded hands, compared to its average volume of 2,424,248. The firm’s 50-day simple moving average is $516.90 and its 200 day simple moving average is $530.77. 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 company has a market cap of $240.52 billion, a P/E ratio of 48.74, a P/E/G ratio of 2.78 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $3.04 EPS. Analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe Company 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.