Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield Sells 97 Shares

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Adobe Trading Down 0.8 %

NASDAQ ADBE opened at $473.44 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $212.10 billion, a price-to-earnings ratio of 45.26, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company’s 50-day simple moving average is $516.72 and its two-hundred day simple moving average is $564.69. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. Equities analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a share 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 reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. UBS Group lowered their price objective on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley grew its position in shares of 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 buying an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of 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 buying an additional 590,533 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth approximately $3,277,785,000. Northern Trust Corp grew its position in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock worth $2,326,092,000 after buying an additional 498,957 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.