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

Aviance Capital Partners LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 144.0% in 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 purchasing 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 SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $26,000. Summit Securities Group LLC bought a new position in shares of Adobe during the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. DA Davidson reissued a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Robert W. Baird lifted their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Down 0.6%

Shares of Adobe stock traded down $2.38 during midday trading on Monday, reaching $376.93. 3,542,960 shares of the company's stock traded hands, compared to its average volume of 3,433,282. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $159.89 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The stock has a 50 day moving average of $396.09 and a 200-day moving average of $407.83. Adobe Inc. has a 12 month low of $332.01 and a 12 month 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 the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.