Summit Financial LLC Has $2.06 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Summit Financial LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,638 shares of the software company's stock after purchasing an additional 897 shares during the quarter. Summit Financial LLC's holdings in Adobe were worth $2,062,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADBE. Hoey Investments Inc. grew its holdings in shares of Adobe by 21.9% in the 4th quarter. Hoey Investments Inc. now owns 239 shares of the software company's stock valued at $106,000 after acquiring an additional 43 shares in the last quarter. C M Bidwell & Associates Ltd. boosted its position in Adobe by 49.6% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 350 shares of the software company's stock valued at $156,000 after purchasing an additional 116 shares during the last quarter. AIA Group Ltd bought a new position in Adobe in the fourth quarter valued at approximately $923,000. FSB Premier Wealth Management Inc. increased its position in shares of Adobe by 14.8% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 697 shares of the software company's stock worth $310,000 after purchasing an additional 90 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC raised its stake in shares of Adobe by 204.6% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 7,033 shares of the software company's stock worth $3,127,000 after purchasing an additional 4,724 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

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Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 922 shares of the company's 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 completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Ricks bought 2,250 shares of the firm's stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe Price Performance

ADBE traded down $9.75 on Friday, hitting $357.50. 2,072,241 shares of the stock were exchanged, compared to its average volume of 3,804,559. The firm has a market capitalization of $152.37 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 2.15 and a beta of 1.49. 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 Inc. has a 12 month low of $352.83 and a 12 month high of $587.75. The business has a 50-day moving average of $427.38 and a two-hundred day moving average of $465.15.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm posted $4.48 EPS. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. StockNews.com lowered shares of Adobe from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, March 4th. Citigroup cut their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday, March 10th. Mizuho lowered their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $530.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Eleven research 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $531.54.

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.