Aviance Capital Partners LLC Buys 4,938 Shares of Adobe Inc. (NASDAQ:ADBE)

Aviance Capital Partners LLC raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 144.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 8,367 shares of the software company's stock after buying an additional 4,938 shares during the period. Aviance Capital Partners LLC's holdings in Adobe were worth $3,209,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 119.2% in the 1st quarter. Onyx Bridge Wealth Group LLC now owns 1,153 shares of the software company's stock valued at $442,000 after purchasing an additional 627 shares during the last quarter. Goelzer Investment Management Inc. boosted its stake in Adobe by 1.4% in the first quarter. Goelzer Investment Management Inc. now owns 15,247 shares of the software company's stock valued at $5,848,000 after acquiring an additional 209 shares during the last quarter. Checchi Capital Advisers LLC boosted its stake in Adobe by 2.1% in the first quarter. Checchi Capital Advisers LLC now owns 3,798 shares of the software company's stock valued at $1,457,000 after acquiring an additional 77 shares during the last quarter. North Capital Inc. bought a new position in Adobe in the first quarter valued at approximately $75,000. Finally, D.A. Davidson & CO. boosted its stake in Adobe by 14.8% in the first quarter. D.A. Davidson & CO. now owns 56,435 shares of the software company's stock valued at $21,645,000 after acquiring an additional 7,283 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. DA Davidson restated a "buy" rating and set a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Performance

ADBE stock traded up $1.09 during midday trading on Friday, reaching $379.56. 2,863,680 shares of the company's stock traded hands, compared to its average volume of 3,432,840. The company has a 50-day moving average price of $396.09 and a two-hundred day moving average price of $408.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a market capitalization of $161.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS 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.