Leo Wealth LLC Makes New $1.50 Million Investment in Adobe Inc. (NASDAQ:ADBE)

Leo Wealth LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,546 shares of the software company’s stock, valued at approximately $1,502,000.

Other hedge funds have also recently added to or reduced their stakes in the company. One Charles Private Wealth Services LLC increased its stake in shares of Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares during the period. Invst LLC grew its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares during the period. Raleigh Capital Management Inc. boosted its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC increased its holdings in Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its stake in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays upped their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $570.00 to $580.00 in a research note on Friday. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Friday. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

Adobe Stock Performance

Shares of ADBE stock opened at $518.74 on Tuesday. The stock has a market cap of $232.40 billion, a P/E ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The company has a fifty day moving average price of $475.32 and a two-hundred day moving average price of $539.44. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.04 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.