Stocks
Summit Asset Buys IBM Stock Worth Over $1.5 Million
Summit Asset Management LLC has made a significant investment in IBM (NYSE:IBM) by purchasing 5,373 shares of its stock in the second quarter. The total value of this investment is approximately $1,511,000.
This move comes as other institutional investors have also increased their stakes in IBM. Brighton Jones LLC boosted its holding by 12.4% in the fourth quarter and now owns 21,011 shares worth $4,619,000. Sivia Capital Partners LLC also grew its position by 10.6% during the same period.
Quantum computing is a key area of focus for IBM, and analysts have been optimistic about its potential to drive growth. Susquehanna analyst James Friedman raised his price target for IBM to $235, citing several upcoming quantum-computing catalysts.