Summit Financial LLC Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Summit Financial LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,963 shares of the software company’s stock after purchasing an additional 74 shares during the quarter. Summit Financial LLC’s holdings in Adobe were worth $1,171,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. One Charles Private Wealth Services LLC grew its holdings in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC lifted its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. grew its stake in shares of Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares in 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 buying an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management raised 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 in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.1 %

Shares of ADBE stock traded up $0.47 during mid-day trading on Thursday, reaching $469.86. The company’s stock had a trading volume of 383,773 shares, compared to its average volume of 3,437,571. The company’s 50 day simple moving average is $510.90 and its 200-day simple moving average is $562.78. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market capitalization of $210.50 billion, a PE ratio of 44.87, a price-to-earnings-growth ratio of 2.51 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 293 shares of company stock worth $137,656 in the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ADBE. Robert W. Baird lowered their price objective on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. TD Cowen reduced their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, March 15th. Piper Sandler Companies dropped their target price on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, Mizuho reissued a “buy” rating and issued a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Company 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.