Birch Hill Investment Advisors LLC Has $22.12 Million Position in Adobe Inc. (NASDAQ:ADBE)

Birch Hill Investment Advisors LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 17.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,736 shares of the software company’s stock after purchasing an additional 7,532 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in Adobe were worth $22,117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in Adobe in the 3rd quarter valued at about $26,000. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter valued at approximately $30,000. True Wealth Design LLC raised its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Briaud Financial Planning Inc bought a new position in shares of Adobe in the 3rd quarter worth $36,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. Jefferies Financial Group lowered their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Mizuho dropped their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of ADBE opened at $433.07 on Friday. The stock’s 50-day simple moving average is $453.92 and its 200 day simple moving average is $499.63. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $628.07. The stock has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.52 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,681 shares of company stock valued at $2,525,126. Company insiders own 0.15% of the company’s stock.

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.