Summit Global Investments Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Summit Global Investments raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 530.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,995 shares of the software company's stock after buying an additional 2,520 shares during the quarter. Summit Global Investments' holdings in Adobe were worth $1,149,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Sepio Capital LP increased its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank increased its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC increased its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC increased its holdings in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC increased its holdings in Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after buying an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Trading Up 0.3%

Shares of Adobe stock traded up $1.14 on Wednesday, reaching $413.63. 910,332 shares of the company's stock were exchanged, compared to its average volume of 3,410,421. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $176.29 billion, a P/E ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm's 50-day moving average is $379.54 and its two-hundred day moving average is $426.47.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. Sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Oppenheimer decreased their price target on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. BMO Capital Markets decreased their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Adobe 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.