Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Birch Hill Investment Advisors LLC

Birch Hill Investment Advisors LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 42.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,204 shares of the software company’s stock after purchasing an additional 12,593 shares during the period. Birch Hill Investment Advisors LLC’s holdings in Adobe were worth $21,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter worth $33,000. Steph & Co. increased its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the second quarter worth $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock opened at $495.42 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $219.67 billion, a P/E ratio of 44.51, a P/E/G ratio of 2.55 and a beta of 1.29. The business’s fifty day moving average is $537.29 and its two-hundred day moving average is $515.80. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.26 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup lifted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,759 shares of company stock worth $17,642,653. 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.