Catalytic Wealth RIA LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Catalytic Wealth RIA LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 98.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,245 shares of the software company’s stock after purchasing 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 quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Vanguard Group Inc. boosted 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 buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Norges Bank purchased a new stake in Adobe in the fourth quarter worth approximately $3,277,785,000. Fisher Asset Management LLC lifted its position in Adobe by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after purchasing an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after purchasing an additional 66,180 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ADBE shares. Oppenheimer reiterated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. Piper Sandler lowered their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. DA Davidson reiterated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. TD Cowen lowered their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Finally, Barclays boosted their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $603.33.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $3.82 during trading on Monday, hitting $554.82. The company had a trading volume of 2,391,105 shares, compared to its average volume of 3,463,682. The stock has a 50 day simple moving average of $510.98 and a 200 day simple moving average of $531.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. 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.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the firm’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 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 90 days, insiders have sold 29,755 shares of company stock valued at $16,016,103. 0.15% of the stock is owned by company insiders.

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.