Summit Financial LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

Summit Financial LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 13.4% during the first quarter, Holdings Channel.com reports. The firm owned 1,700 shares of the software company’s stock after selling 263 shares during the period. Summit Financial LLC’s holdings in Adobe were worth $858,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. HBC Financial Services PLLC acquired a new position in Adobe during the 3rd quarter worth $25,000. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter worth about $35,000. Steph & Co. boosted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Hanseatic Management Services Inc. acquired a new position in shares of Adobe during the 3rd quarter worth about $45,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,006 shares of company stock valued at $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADBE. Mizuho reissued a “buy” rating and issued a $680.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Bank of America decreased their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $0.62 during trading on Thursday, hitting $483.31. The company had a trading volume of 2,217,534 shares, compared to its average volume of 3,321,392. The company has a market cap of $216.52 billion, a P/E ratio of 46.21, a PEG ratio of 2.61 and a beta of 1.28. Adobe Inc. has a 52 week low of $361.72 and a 52 week high of $638.25. The business’s 50-day moving average is $487.14 and its 200 day moving average is $556.32. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

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

Adobe 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.