Catalyst Financial Partners LLC Buys 136 Shares of Adobe Inc. (NASDAQ:ADBE)

Catalyst Financial Partners LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 8.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,745 shares of the software company’s stock after acquiring an additional 136 shares during the period. Catalyst Financial Partners LLC’s holdings in Adobe were worth $1,041,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. HBC Financial Services PLLC purchased a new position in Adobe during the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter worth approximately $35,000. BluePath Capital Management LLC purchased a new position in shares of Adobe during the 3rd quarter worth approximately $39,000. Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $45,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $52,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ADBE. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Barclays cut their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Performance

Adobe stock traded down $5.45 during trading on Thursday, reaching $482.65. The company had a trading volume of 2,300,457 shares, 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 firm’s 50-day simple moving average is $504.52 and its 200 day simple moving average is $560.49. The firm has a market capitalization of $216.23 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth 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 announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

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.