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

Bourgeon Capital Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 796.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,504 shares of the software company’s stock after buying an additional 15,552 shares during the quarter. 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 ADBE. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new stake in Adobe in the 4th quarter valued at $28,000. Copia Wealth Management bought a new stake in Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Caitlin John LLC boosted its stake in shares of Adobe by 171.4% during the 4th 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. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $403.40 on Tuesday. The firm has a 50-day moving average price of $379.21 and a two-hundred day moving average price of $426.57. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a market capitalization of $171.93 billion, a P/E ratio of 32.53, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the company posted $4.48 earnings per share. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ADBE shares. 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. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Bank of America decreased their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Redburn Atlantic began coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, Royal Bank of Canada lowered their price objective on shares of Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently 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.