Leavell Investment Management Inc. Sells 247 Shares of Adobe Inc. (NASDAQ:ADBE)

Leavell Investment Management Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 15,626 shares of the software company’s stock after selling 247 shares during the period. Leavell Investment Management Inc.’s holdings in Adobe were worth $6,949,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. Sound Income Strategies LLC raised its position in Adobe by 27.1% during the third quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock worth $131,000 after acquiring an additional 54 shares in the last quarter. Redhawk Wealth Advisors Inc. raised its position in Adobe by 5.1% during the third quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after acquiring an additional 25 shares in the last quarter. Stablepoint Partners LLC raised its position in Adobe by 4.7% during the third quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock worth $784,000 after acquiring an additional 68 shares in the last quarter. Fiduciary Alliance LLC raised its position in Adobe by 10.8% during the third quarter. Fiduciary Alliance LLC now owns 583 shares of the software company’s stock worth $302,000 after acquiring an additional 57 shares in the last quarter. Finally, CX Institutional raised its position in Adobe by 4.2% during the third quarter. CX Institutional now owns 2,298 shares of the software company’s stock worth $1,190,000 after acquiring an additional 93 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. UBS Group dropped their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Mizuho dropped their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Stifel Nicolaus dropped their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Up 1.7 %

Shares of Adobe stock opened at $458.82 on Wednesday. The company has a market capitalization of $199.72 billion, a price-to-earnings ratio of 37.00, a PEG ratio of 2.11 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $626.34. The firm’s 50-day moving average price is $452.62 and its two-hundred day moving average price is $498.52.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.52 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last ninety days. 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.