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

Summerhill Capital Management lnc. trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 11,340 shares of the software company’s stock after selling 575 shares during the period. Adobe makes up approximately 4.5% of Summerhill Capital Management lnc.’s holdings, making the stock its 10th largest position. Summerhill Capital Management lnc.’s holdings in Adobe were worth $6,300,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Steph & Co. increased its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the last quarter. Choreo LLC lifted its position in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Eagle Asset Management Inc. lifted its position in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares in the last quarter. Finally, Quest Partners LLC boosted its stake in Adobe by 23.3% during the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 111 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,259 shares of company stock worth $14,855,543 over the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of ADBE stock opened at $536.87 on Monday. The company has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company’s 50-day simple moving average is $553.76 and its two-hundred day simple moving average is $519.73. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Finally, Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.58.

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.