Leavell Investment Management Inc. Has $6.95 Million Position in Adobe Inc. (NASDAQ:ADBE)

Leavell Investment Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ADBE. Sound Income Strategies LLC lifted its holdings in Adobe by 27.1% during the 3rd quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock valued at $131,000 after purchasing an additional 54 shares during the last quarter. Redhawk Wealth Advisors Inc. lifted its holdings in Adobe by 5.1% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock valued at $265,000 after purchasing an additional 25 shares during the last quarter. Stablepoint Partners LLC lifted its holdings in Adobe by 4.7% during the 3rd quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock valued at $784,000 after purchasing an additional 68 shares during the last quarter. Fiduciary Alliance LLC lifted its holdings in Adobe by 10.8% during the 3rd quarter. Fiduciary Alliance LLC now owns 583 shares of the software company’s stock valued at $302,000 after purchasing an additional 57 shares during the last quarter. Finally, CX Institutional lifted its holdings in Adobe by 4.2% during the 3rd quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 93 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 1.7 %

Shares of NASDAQ ADBE opened at $458.82 on Wednesday. The stock has a market cap of $199.72 billion, a P/E ratio of 37.00, a P/E/G ratio of 2.11 and a beta of 1.31. The firm has a 50 day moving average price of $452.62 and a 200 day moving average price of $498.52. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $626.34.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.52 earnings per share. Analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADBE shares. Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BMO Capital Markets dropped their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Insider Activity

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is currently owned by company insiders.

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.