Adobe Inc. (NASDAQ:ADBE) Shares Sold by West Coast Financial LLC

West Coast Financial LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,119 shares of the software company's stock after selling 989 shares during the period. West Coast Financial LLC's holdings in Adobe were worth $6,566,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Breakwater Capital Group lifted its stake in shares of Adobe by 165.3% in the 1st quarter. Breakwater Capital Group now owns 1,353 shares of the software company's stock valued at $519,000 after purchasing an additional 843 shares in the last quarter. Lake Street Private Wealth LLC lifted its stake in shares of Adobe by 19.0% in the 1st quarter. Lake Street Private Wealth LLC now owns 9,008 shares of the software company's stock valued at $3,455,000 after purchasing an additional 1,440 shares in the last quarter. HF Advisory Group LLC raised its holdings in shares of Adobe by 17.2% during the 1st quarter. HF Advisory Group LLC now owns 3,630 shares of the software company's stock valued at $1,392,000 after buying an additional 532 shares during the period. Bay Rivers Group raised its holdings in shares of Adobe by 19.9% during the 1st quarter. Bay Rivers Group now owns 975 shares of the software company's stock valued at $374,000 after buying an additional 162 shares during the period. Finally, Channel Wealth LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $3,775,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of ADBE opened at $415.20 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a 50 day moving average of $380.73 and a 200-day moving average of $425.81. The firm has a market cap of $176.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. As a group, analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ADBE shares. Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. BMO Capital Markets dropped their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

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.

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