Adobe Inc. (NASDAQ:ADBE) Shares Bought by Catalyst Financial Partners LLC

Catalyst Financial Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,745 shares of the software company’s stock after acquiring an additional 136 shares during the quarter. Catalyst Financial Partners LLC’s holdings in Adobe were worth $1,041,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Concentrum Wealth Management lifted its holdings in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after buying an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $875,592,000. Invesco Ltd. increased its position in shares of Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares during the last quarter. Jennison Associates LLC increased its position in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at approximately $152,970,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 1.1 %

Shares of NASDAQ ADBE traded down $5.45 during midday trading on Thursday, reaching $482.65. 2,300,457 shares of the stock were exchanged, compared to its average volume of 3,404,949. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The stock has a 50 day moving average price of $504.52 and a 200-day moving average price of $560.49. The company has a market capitalization of $216.23 billion, a P/E ratio of 46.14, a P/E/G ratio of 2.63 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Barclays dropped their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Finally, KeyCorp assumed coverage on shares of Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe 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.