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

Teamwork Financial Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 90.8% in the first quarter, Holdings Channel.com reports. The institutional investor 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 reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Invst LLC boosted its position in shares of Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after acquiring an additional 17 shares in the last quarter. Raleigh Capital Management Inc. lifted its stake in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC lifted its stake in Adobe by 2.5% during the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management boosted its holdings in Adobe by 4.3% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after purchasing an additional 17 shares in the last quarter. Finally, Evolution Advisers Inc. raised its holdings in Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $569.18 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $252.37 billion, a P/E ratio of 51.23, a PEG ratio of 2.98 and a beta of 1.30. The company has a 50-day moving average of $492.59 and a two-hundred day moving average of $534.48. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 28,270 shares of company stock valued at $15,165,916 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Citigroup decreased their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Finally, Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $607.67.

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.