Summit X LLC lessened its position in Adobe Inc (NASDAQ:ADBE) by 7.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,548 shares of the software company’s stock after selling 297 shares during the quarter. Summit X LLC’s holdings in Adobe were worth $1,177,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Triangle Securities Wealth Management increased its position in Adobe by 0.4% in the 4th quarter. Triangle Securities Wealth Management now owns 6,993 shares of the software company’s stock valued at $2,306,000 after acquiring an additional 30 shares during the period. PFG Advisors increased its holdings in Adobe by 1.0% in the 4th quarter. PFG Advisors now owns 3,607 shares of the software company’s stock valued at $1,219,000 after purchasing an additional 35 shares in the last quarter. Brandywine Oak Private Wealth LLC increased its holdings in Adobe by 2.0% in the 3rd quarter. Brandywine Oak Private Wealth LLC now owns 1,851 shares of the software company’s stock valued at $511,000 after purchasing an additional 36 shares in the last quarter. Endurance Wealth Management Inc. increased its holdings in Adobe by 2.0% in the 4th quarter. Endurance Wealth Management Inc. now owns 1,931 shares of the software company’s stock valued at $637,000 after purchasing an additional 37 shares in the last quarter. Finally, Hexavest Inc. grew its stake in shares of Adobe by 58.2% during the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 85.05% of the company’s stock.
NASDAQ:ADBE traded up $1.70 during mid-day trading on Thursday, reaching $351.76. 2,084,277 shares of the company’s stock were exchanged, compared to its average volume of 2,043,085. Adobe Inc has a one year low of $237.27 and a one year high of $354.28. The firm has a market capitalization of $169.43 billion, a PE ratio of 58.63, a price-to-earnings-growth ratio of 2.69 and a beta of 1.11. The business’s fifty day simple moving average is $330.05 and its two-hundred day simple moving average is $298.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.74 and a current ratio of 0.79.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Adobe had a net margin of 26.42% and a return on equity of 31.47%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period last year, the firm earned $1.83 earnings per share. Adobe’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc will post 8.02 EPS for the current year.
In other Adobe news, Director John E. Warnock sold 1,600 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $345.38, for a total value of $552,608.00. Following the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $5,556,473.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles M. Geschke sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $333.70, for a total transaction of $4,004,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,312 shares of company stock worth $12,297,624. 0.32% of the stock is owned by insiders.
Several equities analysts have recently commented on the stock. Nomura increased their price target on shares of Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. BMO Capital Markets raised their price objective on shares of Adobe from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Cowen restated a “buy” rating and issued a $305.00 price target (up previously from $295.00) on shares of Adobe in a research report on Wednesday, December 11th. Royal Bank of Canada raised their price objective on shares of Adobe to $345.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, Griffin Securities lifted their target price on shares of Adobe from $330.00 to $334.00 and gave the company a “buy” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company’s stock. Adobe has an average rating of “Buy” and an average target price of $336.28.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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