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

West Branch Capital LLC raised its stake in Adobe Inc. (NASDAQ:ADBEFree Report) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,881 shares of the software company’s stock after acquiring an additional 125 shares during the period. Adobe accounts for about 1.1% of West Branch Capital LLC’s investment portfolio, making the stock its 19th biggest holding. West Branch Capital LLC’s holdings in Adobe were worth $2,315,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Rockland Trust Co. lifted its position in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the last quarter. Team Hewins LLC acquired a new stake in shares of Adobe in the third quarter valued at approximately $4,141,000. Guinness Asset Management LTD raised its holdings in shares of Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after buying an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its position in shares of Adobe by 23.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after buying an additional 1,732 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its holdings in Adobe by 36.7% in the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after buying an additional 1,871 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares in the company, valued at approximately $14,144,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock valued at $5,340,250 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of ADBE stock opened at $504.60 on Friday. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock’s fifty day simple moving average is $567.63 and its 200 day simple moving average is $570.22. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $228.36 billion, a P/E ratio of 48.24, a P/E/G ratio of 2.73 and a beta of 1.29.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on ADBE. Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a research report on Wednesday. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Citigroup raised their target price on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research note on Tuesday, December 12th. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

View Our Latest Research Report on Adobe

Adobe Profile

(Free Report)

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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