Adobe Inc. (NASDAQ:ADBE) CAO Sells $45,120.00 in Stock

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were 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 $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adobe Stock Down 0.4 %

NASDAQ ADBE traded down $1.77 during trading hours on Wednesday, hitting $474.45. The company’s stock had a trading volume of 2,034,141 shares, compared to its average volume of 3,592,028. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a market capitalization of $212.55 billion, a PE ratio of 45.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s 50-day simple moving average is $536.02 and its two-hundred day simple moving average is $567.62.

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

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Adobe

Hedge funds have recently modified their holdings of the company. Iron Horse Wealth Management LLC bought a new position in shares of Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $25,000. Garner Asset Management Corp purchased a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Global Wealth Strategies & Associates increased its stake in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the last quarter. Finally, Aspect Partners LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $33,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. Mizuho restated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Barclays decreased their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

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.