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

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

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE opened at $477.56 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.58 and a beta of 1.28. The business’s 50-day moving average is $515.34 and its 200 day moving average is $564.33. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company earned $2.97 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ADBE shares. BNP Paribas lowered shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a research report on Thursday, January 18th. Robert W. Baird decreased their price target on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, DA Davidson reissued a “buy” rating and set a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently modified their holdings of ADBE. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at about $25,000. HBC Financial Services PLLC acquired a new stake in shares of Adobe in the third quarter valued at about $25,000. Global Wealth Strategies & Associates raised its holdings in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares during the last quarter. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter worth $35,000. Institutional investors and hedge funds 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.