Aviance Capital Partners LLC Sells 58 Shares of Adobe Inc. (NASDAQ:ADBE)

Aviance Capital Partners LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,417 shares of the software company’s stock after selling 58 shares during the quarter. Aviance Capital Partners LLC’s holdings in Adobe were worth $2,039,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Pinnacle West Asset Management Inc. grew its holdings in Adobe by 8.3% during the 3rd quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock worth $602,000 after acquiring an additional 90 shares during the last quarter. Concord Wealth Partners increased its holdings in shares of Adobe by 273.6% in the third quarter. Concord Wealth Partners now owns 904 shares of the software company’s stock valued at $461,000 after purchasing an additional 662 shares in the last quarter. JB Capital LLC raised its position in Adobe by 10.4% in the 3rd quarter. JB Capital LLC now owns 554 shares of the software company’s stock worth $282,000 after purchasing an additional 52 shares during the last quarter. BluePath Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth $39,000. Finally, Mackenzie Financial Corp boosted its position in Adobe by 9.7% in the 3rd quarter. Mackenzie Financial Corp now owns 88,800 shares of the software company’s stock valued at $45,024,000 after buying an additional 7,848 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and set a $660.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Barclays reduced their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.5 %

NASDAQ:ADBE traded up $7.41 during trading hours on Monday, reaching $493.59. 2,103,523 shares of the stock were exchanged, compared to its average volume of 3,442,089. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The stock has a market cap of $221.13 billion, a PE ratio of 47.19, a PEG ratio of 2.63 and a beta of 1.28. The firm has a 50 day moving average of $507.00 and a 200 day moving average of $561.34.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.