Aviance Capital Partners LLC Has $2.04 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Aviance Capital Partners LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the fourth quarter, HoldingsChannel.com reports. 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 quarter.

Other hedge funds have also recently made changes to their positions in the company. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter valued at $35,000. BluePath Capital Management LLC bought a new position in Adobe during the third quarter worth $39,000. Hanseatic Management Services Inc. acquired a new stake in Adobe in the third quarter worth $45,000. Finally, First Command Advisory Services Inc. bought a new stake in Adobe in the third quarter valued at $52,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded up $7.41 on Monday, reaching $493.59. 2,103,523 shares of the company traded hands, 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. The firm has a market capitalization of $221.13 billion, a PE ratio of 47.19, a PEG ratio of 2.63 and a beta of 1.28. The company has a 50 day moving average of $507.00 and a 200 day moving average of $561.34. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

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

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

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the firm’s 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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. UBS Group reduced their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Mizuho reiterated a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Barclays dropped 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.