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 shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, 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 can be accessed through the SEC website.

Adobe Price Performance

Shares of ADBE opened at $474.45 on Thursday. The firm 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 debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s fifty day moving average price is $533.19 and its 200-day moving average price is $566.97. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last posted 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 return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has initiated a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the business. Trilogy Capital Inc. purchased a new position in shares of Adobe during the first quarter worth $550,000. Red Door Wealth Management LLC lifted its holdings in shares of Adobe by 7.8% in the 1st quarter. Red Door Wealth Management LLC now owns 9,292 shares of the software company’s stock valued at $4,689,000 after buying an additional 672 shares during the period. Cornerstone Wealth Group LLC boosted its stake in shares of Adobe by 83.4% in the first quarter. Cornerstone Wealth Group LLC now owns 1,106 shares of the software company’s stock worth $558,000 after buying an additional 503 shares during the last quarter. River Street Advisors LLC grew its holdings in Adobe by 19.7% during the first quarter. River Street Advisors LLC now owns 1,131 shares of the software company’s stock worth $571,000 after acquiring an additional 186 shares during the period. Finally, Physician Wealth Advisors Inc. raised its position in Adobe by 11.0% during the first quarter. Physician Wealth Advisors Inc. now owns 483 shares of the software company’s stock valued at $230,000 after acquiring an additional 48 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Oppenheimer restated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler Companies lowered their price target 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 restated a “buy” rating and set a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.