Insider Selling: Adobe Systems Director Unloads 50,000 Shares of Stock (ADBE)
Adobe Systems (NASDAQ:ADBE) Director Robert Burgess sold 50,000 shares of the company’s stock on the open market in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $51.87, for a total transaction of $2,593,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Credit Suisse reiterated a “hold” rating on shares of Adobe Systems in a research note to investors on Friday, September 27th. They now have a $45.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Adobe Systems from $50.00 to $54.00 in a research note to investors on Friday, September 27th. Finally, analysts at UBS AG raised their price target on shares of Adobe Systems from $50.00 to $58.00 in a research note to investors on Thursday, September 19th. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company’s stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $52.14.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.04% during mid-day trading on Wednesday, hitting $51.91. The stock had a trading volume of 3,367,662 shares. Adobe Systems has a 52-week low of $32.14 and a 52-week high of $52.96. The stock’s 50-day moving average is $49.79 and its 200-day moving average is $46.46. The company has a market cap of $25.949 billion and a price-to-earnings ratio of 59.28.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 17th. The company reported $0.32 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.34 by $0.02. The company had revenue of $995.00 million for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $0.58 earnings per share. Adobe Systems’s revenue was down 8.0% compared to the same quarter last year. Analysts expect that Adobe Systems will post $1.35 EPS for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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