Gabelli Funds LLC Has $34.99 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Gabelli Funds LLC grew its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 40.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,630 shares of the software company’s stock after purchasing an additional 19,660 shares during the period. Gabelli Funds LLC’s holdings in Adobe were worth $34,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe during the third quarter worth $25,000. HBC Financial Services PLLC acquired a new position in Adobe in the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $29,000. Finally, Halpern Financial Inc. grew its holdings in shares of Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares during the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 263 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $591.80, for a total transaction of $155,643.40. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,399,749. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,425 shares of company stock valued at $26,431,673. 0.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. DA Davidson upgraded shares of Adobe from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $500.00 to $640.00 in a research report on Thursday, October 26th. KGI Securities raised shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective on the stock in a research note on Monday, December 4th. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 target price for the company. in a research report on Thursday, January 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $615.00 target price on shares of Adobe in a report on Thursday, December 14th. Finally, BMO Capital Markets increased their price target on Adobe from $670.00 to $690.00 and gave the company an “outperform” rating in a research note on Friday, December 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $613.14.

Get Our Latest Research Report on Adobe

Adobe Stock Down 0.7 %

Adobe stock opened at $626.00 on Tuesday. Adobe Inc. has a fifty-two week low of $318.60 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. The firm’s 50-day simple moving average is $603.24 and its 200 day simple moving average is $565.01. The stock has a market cap of $282.95 billion, a PE ratio of 53.39, a price-to-earnings-growth ratio of 3.34 and a beta of 1.34.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Wednesday, December 13th. The software company reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $4.13 by $0.14. The firm had revenue of $5.05 billion for the quarter, compared to the consensus estimate of $5.01 billion. Adobe had a return on equity of 38.30% and a net margin of 27.97%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.78 EPS. Research analysts predict that Adobe Inc. will post 14.6 EPS for the current fiscal year.

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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