Leelyn Smith LLC Purchases 736 Shares of Adobe Inc. (NASDAQ:ADBE)

Leelyn Smith LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,682 shares of the software company’s stock after purchasing an additional 736 shares during the quarter. Adobe makes up approximately 1.3% of Leelyn Smith LLC’s portfolio, making the stock its 18th largest holding. Leelyn Smith LLC’s holdings in Adobe were worth $6,490,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Concentrum Wealth Management grew its stake in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC boosted its holdings in shares of Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC grew its position in shares of Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after purchasing an additional 658 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its stake in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the period. Finally, Meridian Wealth Management LLC increased its position in shares of Adobe by 30.3% during the fourth quarter. Meridian Wealth Management LLC now owns 2,385 shares of the software company’s stock valued at $1,423,000 after buying an additional 554 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 8.5 %

ADBE opened at $536.87 on Friday. The firm has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business has a 50 day simple moving average of $553.76 and a two-hundred day simple moving average of $520.19. 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 (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. Analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $570.00 to $580.00 in a report on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday. Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $608.83.

Insider Activity

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 value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

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.