Catalytic Wealth RIA LLC Acquires 618 Shares of Adobe Inc. (NASDAQ:ADBE)

Catalytic Wealth RIA LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 98.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,245 shares of the software company’s stock after buying an additional 618 shares during the quarter. Catalytic Wealth RIA LLC’s holdings in Adobe were worth $628,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADBE. Jacobi Capital Management LLC grew its stake in Adobe by 1.7% in the first quarter. Jacobi Capital Management LLC now owns 3,960 shares of the software company’s stock worth $1,998,000 after purchasing an additional 66 shares in the last quarter. Edgestream Partners L.P. grew its stake in Adobe by 113.0% in the first quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company’s stock worth $3,281,000 after purchasing an additional 3,449 shares in the last quarter. Nicola Wealth Management LTD. grew its stake in Adobe by 31.0% in the first quarter. Nicola Wealth Management LTD. now owns 38,000 shares of the software company’s stock worth $19,175,000 after purchasing an additional 9,000 shares in the last quarter. TIAA Trust National Association grew its stake in Adobe by 13.4% in the first quarter. TIAA Trust National Association now owns 93,562 shares of the software company’s stock worth $47,211,000 after purchasing an additional 11,056 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADBE. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Sanford C. Bernstein increased their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Finally, KeyCorp increased their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $603.33.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was 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 $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,755 shares of company stock valued at $16,016,103. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 0.7 %

Shares of ADBE stock traded up $3.82 during trading on Monday, hitting $554.82. 2,391,105 shares of the stock traded hands, compared to its average volume of 3,463,682. The firm has a market capitalization of $246.01 billion, a P/E ratio of 49.85, a price-to-earnings-growth ratio of 2.88 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm’s fifty day moving average price is $510.98 and its 200-day moving average price is $531.24. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.04 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.