Gamco Investors INC. ET AL Has $5.31 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Gamco Investors INC. ET AL trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 37.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,530 shares of the software company’s stock after selling 6,238 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Adobe were worth $5,313,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Evolution Advisers Inc. grew its holdings in Adobe by 14.3% during 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 grew its holdings in Adobe by 2.5% during 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. grew its holdings in Adobe by 0.5% during 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 grew its holdings in Adobe by 2.1% during 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 grew its holdings in Adobe by 2.1% during 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 and hedge funds.

Adobe Stock Up 1.9 %

Shares of ADBE stock traded up $10.29 on Friday, hitting $542.44. The stock had a trading volume of 2,090,007 shares, compared to its average volume of 2,424,248. The business has a 50 day moving average of $516.90 and a 200 day moving average of $530.38. The stock has a market cap of $240.52 billion, a price-to-earnings ratio of 48.74, a price-to-earnings-growth ratio of 2.83 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

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

Analyst Ratings Changes

A number of research firms have weighed in on ADBE. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. KeyCorp boosted 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. Sanford C. Bernstein upped their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Stifel Nicolaus reduced their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $603.33.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,236 shares of company stock worth $16,281,053. 0.15% of the stock is owned by company insiders.

About Adobe

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.