Summit X LLC Takes Position in Adobe Inc. $ADBE

Summit X LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, Holdings Channel.com reports. The firm bought 552 shares of the software company’s stock, valued at approximately $213,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. 1248 Management LLC acquired a new position in Adobe in the first quarter valued at $25,000. Flaharty Asset Management LLC acquired a new stake in Adobe during the first quarter worth approximately $29,000. HHM Wealth Advisors LLC bought a new stake in Adobe in the first quarter worth approximately $30,000. Nexus Investment Management ULC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $31,000. Finally, Barnes Dennig Private Wealth Management LLC raised its holdings in shares of Adobe by 44.9% during the second quarter. Barnes Dennig Private Wealth Management LLC now owns 100 shares of the software company’s stock valued at $39,000 after purchasing an additional 31 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADBE shares. Redburn Partners set a $280.00 target price on Adobe in a research report on Monday, September 1st. Evercore ISI cut their target price on Adobe from $475.00 to $450.00 and set an “outperform” rating on the stock in a research report on Friday, September 12th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $405.00 target price on shares of Adobe in a report on Wednesday, October 29th. Piper Sandler dropped their target price on shares of Adobe from $500.00 to $470.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. Finally, TD Cowen decreased their price target on shares of Adobe from $470.00 to $420.00 and set a “hold” rating for the company in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $433.41.

Adobe Stock Down 0.1%

Shares of NASDAQ:ADBE opened at $326.95 on Monday. The firm has a market capitalization of $136.86 billion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.02. Adobe Inc. has a 52-week low of $323.03 and a 52-week high of $557.90. The firm has a fifty day moving average of $348.22 and a 200 day moving average of $368.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 11th. The software company reported $5.31 earnings per share for the quarter, topping analysts’ consensus estimates of $5.18 by $0.13. The firm had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.91 billion. Adobe had a net margin of 30.01% and a return on equity of 57.54%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $4.65 EPS. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 149 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $337.88, for a total transaction of $50,344.12. Following the transaction, the chief accounting officer owned 3,426 shares in the company, valued at approximately $1,157,576.88. This represents a 4.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

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.