Leelyn Smith LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Leelyn Smith LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,678 shares of the software company’s stock after selling 1,240 shares during the quarter. Leelyn Smith LLC’s holdings in Adobe were worth $4,303,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. RD Lewis Holdings Inc. acquired a new stake in Adobe during the fourth quarter valued at $248,000. Haven Capital Group Inc. purchased a new stake in shares of Adobe during the 4th quarter worth about $3,268,000. BlackDiamond Wealth Management LLC grew its position in shares of Adobe by 3.6% during the 4th quarter. BlackDiamond Wealth Management LLC now owns 779 shares of the software company’s stock valued at $346,000 after acquiring an additional 27 shares during the period. Edgemoor Investment Advisors Inc. purchased a new position in shares of Adobe in the 4th quarter valued at about $1,159,000. Finally, Terra Alpha Investments LLC acquired a new position in Adobe in the 4th quarter worth about $1,786,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Up 1.2 %

Shares of ADBE opened at $399.34 on Tuesday. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75. The firm has a market capitalization of $173.88 billion, a P/E ratio of 32.20, a P/E/G ratio of 2.15 and a beta of 1.37. The firm has a 50-day moving average price of $436.39 and a 200 day moving average price of $480.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the company posted $4.48 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director David A. Ricks bought 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. DA Davidson dropped their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. UBS Group cut their price target on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Royal Bank of Canada reduced their price objective on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Evercore ISI reduced their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $540.60.

Adobe 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.