Summit Securities Group LLC Invests $31,000 in Adobe Inc. (NASDAQ:ADBE)

Summit Securities Group LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 70 shares of the software company’s stock, valued at approximately $31,000.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Adobe by 1.2% during the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC grew its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after buying an additional 147,981 shares during the period. Norges Bank purchased a new stake in Adobe during the fourth quarter valued at approximately $2,553,035,000. Charles Schwab Investment Management Inc. raised its position in Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock worth $1,249,066,000 after acquiring an additional 92,458 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Adobe by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock worth $1,235,157,000 after acquiring an additional 163,983 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price 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. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADBE shares. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a research note on Wednesday, January 15th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $533.85.

Adobe Price Performance

ADBE stock opened at $385.71 on Monday. The company has a fifty day simple moving average of $431.81 and a two-hundred day simple moving average of $468.92. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $164.39 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the business posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Profile

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.