Adobe Inc. (NASDAQ:ADBE) Shares Sold by Aviance Capital Partners LLC

Aviance Capital Partners LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Morgan Stanley grew its position in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock worth $3,876,309,000 after purchasing an additional 590,533 shares during the last quarter. Norges Bank bought a new position in Adobe in the 4th quarter worth about $3,277,785,000. Fisher Asset Management LLC grew its position in Adobe by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after purchasing an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after purchasing an additional 66,180 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Piper Sandler Companies lowered their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Friday, June 14th. Mizuho reiterated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Finally, Sanford C. Bernstein raised their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. 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 owned by corporate insiders.

Adobe Stock Down 0.0 %

Shares of NASDAQ:ADBE traded down $0.10 during trading on Monday, reaching $555.44. 678,709 shares of the company traded hands, compared to its average volume of 3,566,309. The firm has a fifty day simple moving average of $485.04 and a 200 day simple moving average of $534.27. The firm 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. Analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is 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.