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

Catalina Capital Group LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 6.1% in the 4th quarter, Holdings Channel reports. The firm 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.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Princeton Global Asset Management LLC increased its holdings in Adobe by 86.4% during the 4th quarter. Princeton Global Asset Management LLC now owns 192 shares of the software company’s stock worth $85,000 after acquiring an additional 89 shares during the period. Oregon Pacific Wealth Management LLC bought a new position in shares of Adobe in the fourth quarter worth $320,000. Baskin Financial Services Inc. raised its position in shares of Adobe by 2.4% in the fourth quarter. Baskin Financial Services Inc. now owns 56,438 shares of the software company’s stock worth $25,097,000 after buying an additional 1,324 shares in the last quarter. Willis Investment Counsel boosted its stake in Adobe by 4.1% during the fourth quarter. Willis Investment Counsel now owns 16,558 shares of the software company’s stock valued at $7,363,000 after buying an additional 655 shares during the period. Finally, Valley National Advisers Inc. grew its position in Adobe by 19.7% during the fourth quarter. Valley National Advisers Inc. now owns 395 shares of the software company’s stock worth $175,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction 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 completion of 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 can be accessed through this link. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADBE. Wells Fargo & Company dropped their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. StockNews.com raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Finally, Bank of America dropped their price target on Adobe from $640.00 to $605.00 and set a “buy” 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 issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Down 1.9 %

NASDAQ ADBE opened at $437.45 on Monday. 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 Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The stock has a market cap of $190.42 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The stock has a 50 day simple moving average of $461.97 and a two-hundred day simple moving average of $503.41.

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