Birch Hill Investment Advisors LLC Purchases 7,532 Shares of Adobe Inc. (NASDAQ:ADBE)

Birch Hill Investment Advisors LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 17.8% during the fourth quarter, Holdings Channel.com reports. The fund 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares in the last quarter. FMR LLC grew its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares in the last quarter. Seilern Investment Management Ltd purchased a new position in shares of Adobe in the 4th quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe during the third quarter valued at approximately $126,703,000. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on ADBE shares. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. One research 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’s stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Price Performance

Shares of Adobe stock opened at $433.07 on Friday. The company has a market capitalization of $188.52 billion, a price-to-earnings ratio of 34.93, a PEG ratio of 2.11 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. 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.

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

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Corporate 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.