Aviance Capital Partners LLC Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Aviance Capital Partners LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,340 shares of the software company’s stock after selling 77 shares during the quarter. Aviance Capital Partners LLC’s holdings in Adobe were worth $1,685,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new position in Adobe during the 4th quarter valued at approximately $35,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Vima LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $55,000. Pineridge Advisors LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $60,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $61,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Stifel Nicolaus decreased their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $607.67.

Adobe Stock Down 0.0 %

ADBE stock traded down $0.10 on Monday, hitting $555.44. 678,709 shares of the company’s stock were exchanged, compared to its average volume of 3,566,309. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a 50 day moving average price of $485.04 and a two-hundred day moving average price of $534.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $246.28 billion, a P/E ratio of 50.00, a price-to-earnings-growth ratio of 2.90 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The business 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 company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.04 EPS. As a group, equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.