SAN JOSE — Adobe Systems Incorporated has approved a new stock repurchase program granting the company authority to repurchase up to $2.5 billion in common stock through the end of fiscal year 2019.
Shares in Adobe, maker of Photoshop and Dreamweaver software, closed at $108 Tuesday, down $0.53.
The company plans to repurchase shares in the open market and also enter into structured repurchase agreements with third parties. The new stock repurchase program is similar to the company’s previous program authorizing the repurchase of up to $2.0 billion in common stock through fiscal year 2017.
“We’re coming off a year of record cash flow generation and our balance sheet continues to be strong. Adobe’s new share repurchase program underscores our commitment to returning value to our stockholders, as we execute on our long-term growth strategy,” said Mark Garrett, executive vice president and chief financial officer, Adobe.