Teamwork Financial Advisors LLC Invests $240,000 in Adobe Inc. (NASDAQ:ADBE)

Teamwork Financial Advisors LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 490 shares of the software company’s stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Adobe by 0.3% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 500,742 shares of the software company’s stock worth $245,579,000 after acquiring an additional 1,697 shares in the last quarter. FormulaFolio Investments LLC grew its stake in shares of Adobe by 1.7% in the 3rd quarter. FormulaFolio Investments LLC now owns 2,496 shares of the software company’s stock worth $1,224,000 after acquiring an additional 42 shares in the last quarter. Raymond James Trust N.A. grew its stake in shares of Adobe by 10.6% in the 3rd quarter. Raymond James Trust N.A. now owns 10,759 shares of the software company’s stock worth $5,276,000 after acquiring an additional 1,033 shares in the last quarter. Allred Capital Management LLC bought a new stake in shares of Adobe in the 3rd quarter worth $202,000. Finally, Red Door Wealth Management LLC grew its stake in shares of Adobe by 3.2% in the 3rd quarter. Red Door Wealth Management LLC now owns 1,719 shares of the software company’s stock worth $845,000 after acquiring an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 84.03% of the company’s stock.

Several research firms recently weighed in on ADBE. R. F. Lafferty increased their price target on shares of Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Morgan Stanley increased their price target on shares of Adobe from $450.00 to $560.00 and gave the company an “overweight” rating in a research report on Monday, September 14th. Bank of America increased their price target on shares of Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Wells Fargo & Company increased their price target on shares of Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 16th. Finally, Jefferies Financial Group increased their price target on shares of Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and an average target price of $507.10.

Shares of Adobe stock opened at $502.82 on Friday. Adobe Inc. has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a market cap of $241.21 billion, a price-to-earnings ratio of 63.33, a PEG ratio of 3.89 and a beta of 0.97. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $490.24 and its 200-day moving average price is $420.66.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.16. Adobe had a net margin of 31.05% and a return on equity of 35.84%. The firm had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 8.2 earnings per share for the current year.

In related news, CMO Ann Lewnes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $447.59, for a total value of $2,237,950.00. Following the sale, the chief marketing officer now directly owns 40,257 shares of the company’s stock, valued at $18,018,630.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $445.00, for a total transaction of $4,450,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,470 shares of company stock worth $34,289,308. Insiders own 0.31% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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