Summit Global Investments Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Summit Global Investments decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 23.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,443 shares of the software company’s stock after selling 453 shares during the quarter. Summit Global Investments’ holdings in Adobe were worth $748,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ADBE. Vista Capital Partners Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $245,000. Hudson Value Partners LLC bought a new position in Adobe in the 3rd quarter worth $244,000. ARK Investment Management LLC lifted its position in Adobe by 98.7% during the third quarter. ARK Investment Management LLC now owns 151 shares of the software company’s stock valued at $78,000 after purchasing an additional 75 shares in the last quarter. Portside Wealth Group LLC increased its position in Adobe by 26.1% in the third quarter. Portside Wealth Group LLC now owns 13,763 shares of the software company’s stock worth $7,126,000 after buying an additional 2,847 shares in the last quarter. Finally, JB Capital LLC increased its position in Adobe by 25.4% in the third quarter. JB Capital LLC now owns 677 shares of the software company’s stock worth $351,000 after buying an additional 137 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Adobe stock opened at $494.68 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $217.76 billion, a P/E ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company’s 50-day moving average is $514.90 and its 200 day moving average is $516.42.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the business posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

About Adobe

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.