Teamwork Financial Advisors LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Teamwork Financial Advisors LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,556 shares of the software company's stock, valued at approximately $2,131,000.

Several other institutional investors have also recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC bought a new position in Adobe in the fourth quarter valued at about $1,173,000. Silicon Valley Capital Partners boosted its stake in shares of Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after purchasing an additional 236 shares in the last quarter. Horan Capital Advisors LLC. grew its holdings in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its stake in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after buying an additional 1,083 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. UBS Group dropped their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. JPMorgan Chase & Co. cut their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating on the stock. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Stock Performance

NASDAQ:ADBE traded up $1.29 during mid-day trading on Thursday, hitting $415.20. 2,272,597 shares of the company traded hands, compared to its average volume of 3,410,302. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock's fifty day moving average price is $380.10 and its 200-day moving average price is $426.39. The firm has a market cap of $176.96 billion, a price-to-earnings ratio of 33.48, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company's stock.

Adobe Company 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.