Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield Sells 96 Shares of Stock

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $474.45 on Thursday. The company has a market capitalization of $212.55 billion, a PE ratio of 45.36, a PEG ratio of 2.55 and a beta of 1.28. The business has a fifty day moving average price of $533.19 and a 200-day moving average price of $566.97. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Bank of America lowered their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a research note on Thursday, January 18th. Piper Sandler Companies dropped their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Mizuho reaffirmed a “buy” rating and issued a $680.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Iron Horse Wealth Management LLC purchased a new position in Adobe in the 3rd quarter worth about $25,000. HBC Financial Services PLLC purchased a new position in shares of Adobe during the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates lifted its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC purchased a new stake in Adobe in the fourth quarter worth approximately $29,000. Finally, Garner Asset Management Corp bought a new stake in Adobe in the 4th quarter worth approximately $31,000. 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.