Summerhill Capital Management lnc. Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Summerhill Capital Management lnc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 59.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,374 shares of the software company’s stock after acquiring an additional 6,868 shares during the quarter. Adobe makes up 6.1% of Summerhill Capital Management lnc.’s portfolio, making the stock its 7th largest holding. Summerhill Capital Management lnc.’s holdings in Adobe were worth $8,171,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ADBE. Swedbank AB increased its holdings in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Adobe by 8.7% in the third quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock worth $4,223,000 after purchasing an additional 654 shares during the period. Tempus Wealth Planning LLC increased its stake in shares of Adobe by 6.6% in the third quarter. Tempus Wealth Planning LLC now owns 402 shares of the software company’s stock worth $208,000 after purchasing an additional 25 shares in the last quarter. Fulcrum Capital LLC increased its stake in shares of Adobe by 0.7% in the third quarter. Fulcrum Capital LLC now owns 24,710 shares of the software company’s stock worth $12,794,000 after purchasing an additional 160 shares in the last quarter. Finally, McAdam LLC lifted its stake in shares of Adobe by 31.4% during the 3rd quarter. McAdam LLC now owns 498 shares of the software company’s stock valued at $258,000 after buying an additional 119 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of analyst reports. Citigroup cut their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Down 0.5 %

Shares of ADBE opened at $454.69 on Friday. The company has a market cap of $197.93 billion, a PE ratio of 36.67, a P/E/G ratio of 2.25 and a beta of 1.31. The business has a fifty day moving average of $440.89 and a 200 day moving average of $494.61. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $3.52 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is owned by 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.