Teamwork Financial Advisors LLC Purchases 442 Shares of Adobe Inc. (NASDAQ:ADBE)

Teamwork Financial Advisors LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 90.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 929 shares of the software company’s stock after acquiring an additional 442 shares during the period. Teamwork Financial Advisors LLC’s holdings in Adobe were worth $469,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the fourth quarter valued at approximately $35,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Vima LLC acquired a new position in Adobe in the fourth quarter valued at approximately $55,000. Finally, Pineridge Advisors LLC acquired a new position in Adobe in the fourth quarter valued at approximately $60,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 0.2 %

Shares of ADBE opened at $569.18 on Friday. The firm has a market cap of $252.37 billion, a P/E ratio of 51.23, a price-to-earnings-growth ratio of 2.98 and a beta of 1.30. 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 business has a 50-day moving average of $492.59 and a 200 day moving average of $534.48. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion during 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%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.04 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was 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 directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 28,270 shares of company stock valued at $15,165,916 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Bank of America lowered their target price on Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Oppenheimer reaffirmed an “outperform” rating and set a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Finally, TD Cowen lowered their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $607.67.

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.