Catalyst Funds Management Pty Ltd Has $534,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Catalyst Funds Management Pty Ltd cut its holdings in Adobe Inc. (NASDAQ:ADBE) by 60.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,200 shares of the software company’s stock after selling 1,800 shares during the quarter. Catalyst Funds Management Pty Ltd’s holdings in Adobe were worth $534,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC boosted its stake in shares of Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC lifted its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $243,827,000. Assenagon Asset Management S.A. grew its stake in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after buying an additional 347,536 shares during the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in shares of Adobe during the fourth quarter worth $110,744,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last three months. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Up 4.5 %

Shares of NASDAQ:ADBE opened at $394.74 on Friday. The firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The business’s 50 day simple moving average is $437.03 and its two-hundred day simple moving average is $482.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted 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. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ADBE shares. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Bank of America dropped their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $540.60.

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.