Birch Hill Investment Advisors LLC Sells 3,202 Shares of Adobe Inc. (NASDAQ:ADBE)

Birch Hill Investment Advisors LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,534 shares of the software company's stock after selling 3,202 shares during the quarter. Birch Hill Investment Advisors LLC's holdings in Adobe were worth $17,847,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ADBE. Brighton Jones LLC increased its position in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Adobe in the 4th quarter worth about $76,712,000. Bank Pictet & Cie Europe AG increased its holdings in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after acquiring an additional 756 shares during the last quarter. Allworth Financial LP increased its holdings in Adobe by 11.5% in the 4th quarter. Allworth Financial LP now owns 14,189 shares of the software company's stock worth $6,205,000 after acquiring an additional 1,469 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its holdings in Adobe by 1.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 5,283 shares of the software company's stock worth $2,349,000 after acquiring an additional 99 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Stifel Nicolaus decreased their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.

Adobe Price Performance

Shares of ADBE traded down $4.64 during trading hours on Thursday, reaching $378.04. 4,800,560 shares of the company's stock traded hands, compared to its average volume of 3,396,194. The stock has a market cap of $161.12 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm's 50 day simple moving average is $389.19 and its 200-day simple moving average is $418.14. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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.