Aviance Capital Partners LLC Has $3.21 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

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

Other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. purchased a new stake in Adobe during the first quarter worth $34,000. Krane Funds Advisors LLC boosted its position in Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in Adobe during the fourth quarter worth $1,173,000. Summit Trail Advisors LLC boosted its position in Adobe by 36.2% during the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after purchasing an additional 2,583 shares in the last quarter. Finally, Fiduciary Group LLC raised its holdings in shares of Adobe by 19.9% in the first quarter. Fiduciary Group LLC now owns 6,168 shares of the software company's stock worth $2,366,000 after acquiring an additional 1,022 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Stock Performance

ADBE traded up $1.09 during trading hours on Friday, hitting $379.56. The company's stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,432,840. The company has a 50-day simple moving average of $396.09 and a 200 day simple moving average of $408.04. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $161.01 billion, a PE ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.