West Branch Capital LLC Has $141,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

West Branch Capital LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 92.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor 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 hedge funds and other institutional investors also recently made changes to their positions in ADBE. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in shares of Adobe during the fourth quarter worth approximately $76,712,000. Stanley Laman Group Ltd. boosted its holdings in shares of Adobe by 87.2% during the fourth quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company’s stock worth $346,000 after purchasing an additional 362 shares during the period. IMS Capital Management boosted its holdings in shares of Adobe by 2.7% during the fourth quarter. IMS Capital Management now owns 2,915 shares of the software company’s stock worth $1,296,000 after purchasing an additional 76 shares during the period. Finally, Bogart Wealth LLC boosted its holdings in shares of Adobe by 8.1% during the fourth quarter. Bogart Wealth LLC now owns 13,981 shares of the software company’s stock worth $6,217,000 after purchasing an additional 1,043 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several research reports. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. BMO Capital Markets restated an “outperform” rating and set a $450.00 price target on shares of Adobe in a report on Friday. Robert W. Baird decreased their price target on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, Mizuho decreased their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Trading Down 5.3%

NASDAQ:ADBE opened at $391.68 on Friday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, 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. The company’s 50 day moving average is $386.76 and its 200-day moving average is $421.72.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 earnings per share. Equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

About Adobe

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.