Adobe Inc. (NASDAQ:ADBE) Shares Sold by Leelyn Smith LLC

Leelyn Smith LLC reduced its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,918 shares of the software company’s stock after selling 764 shares during the period. Adobe comprises 1.0% of Leelyn Smith LLC’s holdings, making the stock its 22nd largest position. Leelyn Smith LLC’s holdings in Adobe were worth $5,653,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter worth approximately $30,000. Summit Securities Group LLC acquired a new position in shares of Adobe during the second quarter valued at approximately $33,000. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter worth approximately $38,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last quarter. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 1.5 %

Adobe stock opened at $512.15 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average price of $503.13 and a 200 day moving average price of $518.84. The company has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.