Gabelli Funds LLC Purchases 1,600 Shares of Adobe Inc (NASDAQ:ADBE)

Gabelli Funds LLC raised its position in Adobe Inc (NASDAQ:ADBE) by 1.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 113,800 shares of the software company’s stock after acquiring an additional 1,600 shares during the quarter. Gabelli Funds LLC’s holdings in Adobe were worth $33,531,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in Adobe by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after purchasing an additional 13,421 shares during the period. Pennsylvania Trust Co lifted its stake in Adobe by 11.9% in the first quarter. Pennsylvania Trust Co now owns 96,834 shares of the software company’s stock valued at $25,805,000 after buying an additional 10,288 shares in the last quarter. Highland Capital Management LLC lifted its stake in Adobe by 6.6% in the first quarter. Highland Capital Management LLC now owns 9,762 shares of the software company’s stock valued at $2,601,000 after buying an additional 607 shares in the last quarter. Baltimore Washington Financial Advisors Inc. lifted its stake in Adobe by 5.6% in the first quarter. Baltimore Washington Financial Advisors Inc. now owns 20,590 shares of the software company’s stock valued at $5,487,000 after buying an additional 1,100 shares in the last quarter. Finally, Proffitt & Goodson Inc. lifted its stake in Adobe by 27,654.5% in the first quarter. Proffitt & Goodson Inc. now owns 3,053 shares of the software company’s stock valued at $814,000 after buying an additional 3,042 shares in the last quarter. 86.39% of the stock is currently owned by institutional investors.

In other Adobe news, Director John E. Warnock sold 4,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $4,777,170.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total transaction of $861,000.00. Following the sale, the executive vice president now directly owns 58,458 shares in the company, valued at $16,777,446. The disclosure for this sale can be found here. Insiders have sold 26,627 shares of company stock worth $7,829,264 over the last ninety days. Insiders own 0.32% of the company’s stock.

A number of research analysts have weighed in on ADBE shares. Canaccord Genuity lifted their price target on shares of Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, June 19th. Stephens raised shares of Adobe from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $288.00 to $327.00 in a research note on Wednesday, June 19th. Wedbush lifted their price target on shares of Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $275.00 price target (up previously from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Finally, Barclays lifted their price target on shares of Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and a consensus target price of $301.69.

NASDAQ ADBE traded up $1.67 on Monday, hitting $289.12. 30,195 shares of the stock were exchanged, compared to its average volume of 2,303,717. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The business’s fifty day moving average is $300.83 and its 200 day moving average is $277.73. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The company has a market capitalization of $137.24 billion, a PE ratio of 52.04, a P/E/G ratio of 2.57 and a beta of 1.08.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. The company’s quarterly revenue was up 25.0% compared to the same quarter last year. Analysts predict that Adobe Inc will post 6.3 EPS for the current fiscal year.

Adobe Profile

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.

Featured Article: When can a hold rating present a buying opportunity?

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.