Adobe Inc. (NASDAQ:ADBE) Shares Sold by West Branch Capital LLC

West Branch Capital LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 92.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 367 shares of the software company's stock after selling 4,216 shares during the period. West Branch Capital LLC's holdings in Adobe were worth $141,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADBE. Copia Wealth Management acquired a new position in Adobe during the fourth quarter valued at $28,000. SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC acquired a new stake in Adobe during the 4th quarter worth approximately $31,000. Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC raised its stake in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADBE shares. DA Davidson reduced their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price target on shares of Adobe in a report on Friday. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday. Finally, Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $494.67.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $22.00 during trading on Friday, reaching $391.68. The company had a trading volume of 10,618,205 shares, compared to its average volume of 3,381,385. 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 12 month low of $332.01 and a 12 month high of $587.75. The company has a fifty day moving average of $386.76 and a two-hundred day moving average of $421.08. The stock has a market capitalization of $166.93 billion, a P/E ratio of 31.59, 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 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

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 acquired 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 directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company's stock.

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.