Adobe Inc. (NASDAQ:ADBE) Shares Sold by Summit Global Investments

Summit Global Investments cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 42.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,282 shares of the software company’s stock after selling 5,386 shares during the quarter. Summit Global Investments’ holdings in Adobe were worth $4,344,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its position in shares of Adobe by 5.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 116,382 shares of the software company’s stock worth $59,343,000 after acquiring an additional 6,270 shares in the last quarter. Capital Advisors Inc. OK boosted its stake in shares of Adobe by 57.1% during the 3rd quarter. Capital Advisors Inc. OK now owns 754 shares of the software company’s stock valued at $385,000 after buying an additional 274 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in Adobe by 9.7% in the third quarter. Stratos Wealth Partners LTD. now owns 15,220 shares of the software company’s stock worth $7,761,000 after purchasing an additional 1,350 shares in the last quarter. Hanson & Doremus Investment Management lifted its position in shares of Adobe by 18.2% in the 3rd quarter. Hanson & Doremus Investment Management now owns 130 shares of the software company’s stock worth $66,000 after buying an additional 20 shares during the last quarter. Finally, Avaii Wealth Management LLC boosted its holdings in shares of Adobe by 2.9% in the 3rd quarter. Avaii Wealth Management LLC now owns 750 shares of the software company’s stock valued at $382,000 after buying an additional 21 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective for the company. UBS Group lowered their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last three months, insiders sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by company insiders.

Adobe Stock Up 1.5 %

NASDAQ:ADBE traded up $6.92 during trading hours on Thursday, hitting $476.31. 1,593,570 shares of the stock traded hands, compared to its average volume of 3,453,350. The firm has a market cap of $213.39 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.51 and a beta of 1.28. The firm has a 50 day moving average price of $510.90 and a 200 day moving average price of $562.78. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

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

Adobe announced that its board has initiated a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.