Summit Securities Group LLC Buys New Position in Adobe Inc. (NASDAQ:ADBE)

Summit Securities Group LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 70 shares of the software company’s stock, valued at approximately $31,000.

A number of other institutional investors have also recently made changes to their positions in the stock. 1ST Source Bank grew its position in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares in the last quarter. Foster Group Inc. boosted its holdings in shares of Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after purchasing an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC increased its position in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after purchasing an additional 23 shares during the last quarter. Veery Capital LLC raised its holdings in shares of Adobe by 1.9% during the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares in the last quarter. Finally, Cornerstone Wealth Management LLC lifted its position in Adobe by 1.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after buying an additional 24 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This 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 sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 2.6 %

ADBE stock opened at $385.71 on Monday. The business has a 50 day moving average of $431.81 and a 200 day moving average of $468.92. The firm has a market cap of $164.39 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe Inc. has a twelve month low of $374.50 and a twelve month 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.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate 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 earnings per share. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Jefferies Financial Group lowered their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $533.85.

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.