Summit Financial LLC Acquires 897 Shares of Adobe Inc. (NASDAQ:ADBE)

Summit Financial LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,638 shares of the software company’s stock after purchasing an additional 897 shares during the period. Summit Financial LLC’s holdings in Adobe were worth $2,062,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new position in Adobe in the fourth quarter valued at about $2,553,035,000. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Adobe during the fourth quarter valued at approximately $243,827,000. Finally, Assenagon Asset Management S.A. boosted its stake in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last 90 days. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ADBE shares. BMO Capital Markets reduced their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Redburn Atlantic began coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $531.54.

Adobe Stock Down 0.6 %

Shares of NASDAQ:ADBE opened at $383.53 on Tuesday. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The stock has a market cap of $163.46 billion, a P/E ratio of 30.93, a PEG ratio of 2.15 and a beta of 1.37. The business has a fifty day moving average of $430.88 and a two-hundred day moving average of $467.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 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.