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

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Adobe Stock Down 0.3 %

ADBE opened at $473.18 on Friday. Adobe Inc. has a 12 month low of $331.89 and a 12 month 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. The stock has a market cap of $211.98 billion, a P/E ratio of 45.24, a P/E/G ratio of 2.58 and a beta of 1.28. The stock’s 50 day moving average price is $530.33 and its 200 day moving average price is $566.32.

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

Adobe declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADBE shares. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. UBS Group cut their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 price objective on the stock. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $620.72.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Plimoth Trust Co. LLC boosted its stake in Adobe by 16.7% during the 1st quarter. Plimoth Trust Co. LLC now owns 7,507 shares of the software company’s stock valued at $3,788,000 after purchasing an additional 1,072 shares in the last quarter. MBM Wealth Consultants LLC boosted its stake in Adobe by 4.7% during the 1st quarter. MBM Wealth Consultants LLC now owns 1,910 shares of the software company’s stock valued at $964,000 after purchasing an additional 86 shares in the last quarter. Naviter Wealth LLC boosted its stake in Adobe by 20.2% during the 1st quarter. Naviter Wealth LLC now owns 4,208 shares of the software company’s stock valued at $2,123,000 after purchasing an additional 706 shares in the last quarter. Nvest Financial LLC boosted its stake in Adobe by 113.1% during the 1st quarter. Nvest Financial LLC now owns 929 shares of the software company’s stock valued at $469,000 after purchasing an additional 493 shares in the last quarter. Finally, Dash Acquisitions Inc. boosted its stake in Adobe by 5.5% during the 1st quarter. Dash Acquisitions Inc. now owns 20,581 shares of the software company’s stock valued at $9,765,000 after purchasing an additional 1,070 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

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.