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

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Adobe Price Performance

ADBE stock traded down $3.68 during trading on Thursday, hitting $473.44. The stock had a trading volume of 2,245,608 shares, compared to its average volume of 3,510,927. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company’s 50 day moving average price is $519.06 and its two-hundred day moving average price is $565.33. 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 stock has a market cap of $212.10 billion, a price-to-earnings ratio of 44.62, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS 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 company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company posted $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Piper Sandler Companies cut their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Robert W. Baird cut their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. One Charles Private Wealth Services LLC increased its position in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock worth $400,000 after purchasing an additional 17 shares in the last quarter. Invst LLC increased its position in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after purchasing an additional 17 shares in the last quarter. Raleigh Capital Management Inc. increased its position in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after purchasing an additional 17 shares in the last quarter. Lantz Financial LLC boosted its holdings in Adobe by 2.5% in the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management boosted its holdings in Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares during the period. 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.