Gabelli Funds LLC lowered its stake in Adobe Inc (NASDAQ:ADBE) by 0.4% during the first quarter, HoldingsChannel.com reports. The firm owned 112,200 shares of the software company’s stock after selling 400 shares during the period. Gabelli Funds LLC’s holdings in Adobe were worth $29,900,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Buffington Mohr McNeal acquired a new position in Adobe in the first quarter valued at approximately $26,000. Liberty Wealth Management LLC acquired a new position in Adobe in the fourth quarter valued at approximately $30,000. Barnett & Company Inc. acquired a new position in Adobe in the fourth quarter valued at approximately $32,000. Ruggie Capital Group acquired a new position in Adobe in the fourth quarter valued at approximately $33,000. Finally, Nalls Sherbakoff Group LLC acquired a new position in Adobe in the fourth quarter valued at approximately $34,000. Institutional investors own 86.40% of the company’s stock.
Several brokerages recently issued reports on ADBE. Zacks Investment Research upgraded Adobe from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a report on Tuesday. BidaskClub raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th. Barclays reissued a “buy” rating and issued a $304.00 price objective on shares of Adobe in a research report on Monday, March 18th. DZ Bank reissued a “hold” rating on shares of Adobe in a research report on Friday, February 22nd. Finally, Canaccord Genuity boosted their price objective on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Nine research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $289.63.
Shares of NASDAQ ADBE opened at $271.86 on Thursday. Adobe Inc has a one year low of $204.95 and a one year high of $291.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $130.62 billion, a PE ratio of 48.98, a PEG ratio of 2.62 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). Adobe had a net margin of 28.08% and a return on equity of 30.60%. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the company earned $1.55 EPS. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. As a group, research analysts expect that Adobe Inc will post 6.24 EPS for the current fiscal year.
In related news, EVP Donna Morris sold 10,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $290.00, for a total transaction of $2,900,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $258.13, for a total value of $774,390.00. Following the completion of the transaction, the executive vice president now owns 72,368 shares in the company, valued at $18,680,351.84. The disclosure for this sale can be found here. Insiders have sold a total of 56,936 shares of company stock worth $15,481,738 in the last ninety days. Insiders own 0.32% of the company’s stock.
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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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