Summitry LLC Sells 208 Shares of Adobe Inc. $ADBE

Summitry LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 23.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 697 shares of the software company’s stock after selling 208 shares during the quarter. Summitry LLC’s holdings in Adobe were worth $270,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Brighton Jones LLC raised its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares during the period. AMG National Trust Bank raised its position in shares of Adobe by 25.0% during the 1st quarter. AMG National Trust Bank now owns 2,236 shares of the software company’s stock valued at $858,000 after purchasing an additional 447 shares during the period. Kestra Private Wealth Services LLC lifted its stake in shares of Adobe by 0.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 13,340 shares of the software company’s stock valued at $5,116,000 after buying an additional 69 shares in the last quarter. OneAscent Family Office LLC bought a new position in Adobe in the 1st quarter worth $255,000. Finally, Elyxium Wealth LLC bought a new position in Adobe in the 1st quarter worth $1,060,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 149 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $337.88, for a total transaction of $50,344.12. Following the completion of the sale, the chief accounting officer directly owned 3,426 shares of the company’s stock, valued at approximately $1,157,576.88. This represents a 4.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $331.11 on Monday. The firm has a 50 day moving average of $346.61 and a 200 day moving average of $367.07. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $138.60 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. Adobe Inc. has a 52 week low of $323.03 and a 52 week high of $557.90.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 11th. The software company reported $5.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.18 by $0.13. Adobe had a return on equity of 57.54% and a net margin of 30.01%.The business had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter last year, the firm earned $4.65 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Adobe has set its FY 2025 guidance at 20.800-20.850 EPS. Q4 2025 guidance at 5.350-5.400 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Redburn Partners set a $280.00 target price on Adobe in a research note on Monday, September 1st. Melius cut shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 price objective on the stock. in a research report on Monday, August 11th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 12th. Royal Bank Of Canada cut their price objective on Adobe from $480.00 to $430.00 and set an “outperform” rating on the stock in a research report on Monday, September 8th. Finally, Oppenheimer lowered their target price on shares of Adobe from $500.00 to $460.00 and set an “outperform” rating for the company in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $433.41.

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.