Summit Asset Management LLC Invests $231,000 in Adobe Inc. (NASDAQ:ADBE)

Summit Asset Management LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 388 shares of the software company’s stock, valued at approximately $231,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. HBC Financial Services PLLC purchased a new position in shares of Adobe in the 3rd quarter worth $25,000. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the fourth quarter worth about $35,000. BluePath Capital Management LLC bought a new stake in Adobe during the third quarter worth approximately $39,000. Hanseatic Management Services Inc. purchased a new stake in Adobe during the third quarter valued at approximately $45,000. Finally, First Command Advisory Services Inc. bought a new stake in shares of Adobe in the 3rd quarter valued at approximately $52,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded up $3.79 during midday trading on Thursday, hitting $473.18. The company had a trading volume of 1,018,192 shares, compared to its average volume of 3,446,780. The company has a fifty day simple moving average of $510.90 and a 200 day simple moving average of $562.78. The stock has a market cap of $211.98 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.51 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating 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 business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock worth $137,656. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. BMO Capital Markets restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. KeyCorp initiated coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target for the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Oppenheimer restated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $620.72.

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.