Adobe Systems Announces $2 Billion Buyback Plan
On Wednesday, Adobe Systems Incorporated (NASDAQ: ADBE) announced a new stock repurchase program granting the company the authority to repurchase up to $2.0 billion in common stock through the end of fiscal 2017.
The new stock repurchase program approved by Adobe’s Board of Directors is substantially similar to the company’s previous program, which authorized the repurchase of up to $2.0 billion in common stock through fiscal 2015. That program has since been exhausted.
Adobe Executive VP and CFO Mark Garrett provided some color on the move: “As we continue to grow and execute on our key long-term goals, we remain committed to returning value to our stockholders through stock repurchases.”
Adobe Systems Incorporated closed at $69.99 on Wednesday, down 0.85 percent.
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