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

Summit Financial LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,638 shares of the software company’s stock after buying an additional 897 shares during the quarter. Summit Financial LLC’s holdings in Adobe were worth $2,062,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter worth $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. True Wealth Design LLC increased its position in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the 4th quarter valued at about $31,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was 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 owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $383.53 on Tuesday. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The firm has a 50-day simple moving average of $430.88 and a two-hundred day simple moving average of $467.49. The company 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 company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Stifel Nicolaus dropped their target price on shares of Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Citigroup decreased their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $531.54.

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.