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Adobe Systems (NASDAQ:ADBE) CEO Shantanu Narayen sold 439,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, June 19th. The stock was sold at an average price of $72.65, for a total transaction of $31,893,350.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

A number of research firms have recently commented on ADBE. Analysts at Argus raised their price target on shares of Adobe Systems from $81.00 to $85.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note on Wednesday. They now have a $71.00 price target on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Adobe Systems to $77.00 in a research note on Wednesday. They now have a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and an average price target of $74.00.

Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.47% on Friday, hitting $72.61. The stock had a trading volume of 3,904,720 shares. Adobe Systems has a 1-year low of $43.37 and a 1-year high of $74.69. The stock’s 50-day moving average is $64.3 and its 200-day moving average is $63.00. The company has a market cap of $36.140 billion and a price-to-earnings ratio of 140.29. Adobe Systems also was the recipient of unusually large options trading activity on Wednesday. Traders acquired 6,883 put options on the stock. This represents an increase of approximately 257% compared to the typical volume of 1,928 put options.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 17th. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company posted $0.36 earnings per share. Adobe Systems’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that Adobe Systems will post $1.23 EPS for the current fiscal year.

Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.

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