Bourgeon Capital Management LLC Purchases 15,552 Shares of Adobe Inc. (NASDAQ:ADBE)

Bourgeon Capital Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 796.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,504 shares of the software company's stock after acquiring an additional 15,552 shares during the period. Bourgeon Capital Management LLC's holdings in Adobe were worth $6,713,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter worth $28,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth $31,000. Caitlin John LLC increased its position in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new position in Adobe during the fourth quarter valued at about $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $1.42 on Wednesday, hitting $413.91. The stock had a trading volume of 1,841,667 shares, compared to its average volume of 3,413,915. The firm's 50 day moving average price is $379.54 and its 200-day moving average price is $426.47. 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 Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market capitalization of $176.41 billion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth 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, beating the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the firm posted $4.48 EPS. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost 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 filing with the SEC, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Wells Fargo & Company cut their target price on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Redburn Atlantic initiated coverage on Adobe in a research report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Company 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.