Catalina Capital Group LLC Sells 85 Shares of Adobe Inc. (NASDAQ:ADBE)

Catalina Capital Group LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,304 shares of the software company’s stock after selling 85 shares during the quarter. Catalina Capital Group LLC’s holdings in Adobe were worth $580,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the period. FMR LLC lifted its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd acquired a new stake in Adobe during the 4th quarter valued at approximately $110,744,000. Finally, Erste Asset Management GmbH bought a new position in Adobe during the 3rd quarter worth approximately $126,703,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADBE. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company lowered their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Down 1.9 %

ADBE opened at $437.45 on Monday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a market capitalization of $190.42 billion, a P/E ratio of 35.28, a PEG ratio of 2.14 and a beta of 1.31. The company’s 50-day moving average is $461.97 and its 200 day moving average is $503.41. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the firm earned $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by insiders.

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.