Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield Sells 264 Shares

Adobe Inc. (NASDAQ:ADBE) CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $522.25 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $475.91 and a 200 day simple moving average of $538.80. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $233.97 billion, a PE ratio of 46.92, a P/E/G ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the firm earned $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has initiated a stock 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 buy up to 10.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently modified their holdings of the company. Tradewinds Capital Management LLC boosted its stake in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the fourth quarter worth approximately $35,000. Steph & Co. grew its holdings in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Hanseatic Management Services Inc. acquired a new stake in Adobe in the 3rd quarter valued at approximately $45,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Robert W. Baird boosted their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Sanford C. Bernstein upped their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. Finally, Stifel Nicolaus decreased their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $607.67.

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.