Leelyn Smith LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

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

Other hedge funds also recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. United Bank lifted its position in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares during the last quarter. Claro Advisors LLC boosted its stake in shares of Adobe by 31.2% during the third quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock valued at $687,000 after purchasing an additional 315 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Adobe by 8.6% in the third quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock worth $44,036,000 after purchasing an additional 6,720 shares during the last quarter. Finally, Glass Wealth Management Co LLC increased its stake in Adobe by 5.3% in the 3rd quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock worth $2,928,000 after buying an additional 283 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on ADBE shares. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Mizuho reduced their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Evercore ISI decreased their target price on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Oppenheimer cut their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $399.34 on Tuesday. Adobe Inc. has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a market cap of $173.88 billion, a PE ratio of 32.20, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business has a 50-day simple moving average of $436.39 and a two-hundred day simple moving average of $480.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Company insiders own 0.16% 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.