Insider Selling: Adobe Systems SVP Sells 20,000 Shares of Stock (ADBE)
Adobe Systems (NASDAQ:ADBE) SVP Bradley Rencher sold 20,000 shares of Adobe Systems stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $59.63, for a total transaction of $1,192,600.00. Following the sale, the senior vice president now directly owns 42,181 shares in the company, valued at approximately $2,515,253. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Thomson Reuters/Verus downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating in a research note to investors on Tuesday, December 24th. Separately, analysts at Argus upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, December 17th. They now have a $71.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note to investors on Friday, December 13th. They now have a $57.00 price target on the stock. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $55.74.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.34% during mid-day trading on Friday, hitting $59.19. The stock had a trading volume of 3,112,871 shares. Adobe Systems has a 52 week low of $37.66 and a 52 week high of $61.98. The stock’s 50-day moving average is $59.38 and its 200-day moving average is $52.95. The company has a market cap of $29.394 billion and a price-to-earnings ratio of 106.05.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, December 12th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. Analysts expect that Adobe Systems will post $1.12 EPS for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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