Insider Selling: Matthew Thompson Sells 23,917 Shares of Adobe Systems Stock (ADBE)
Adobe Systems (NASDAQ:ADBE) EVP Matthew Thompson unloaded 23,917 shares of the company’s stock in a transaction dated Thursday, June 19th. The shares were sold at an average price of $72.62, for a total transaction of $1,736,852.54. Following the completion of the transaction, the executive vice president now directly owns 50,875 shares in the company, valued at approximately $3,694,543. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on ADBE shares. 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 analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $74.00.
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 52-week low of $43.37 and a 52-week 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 P/E ratio of 140.29. Adobe Systems also was the recipient of some unusual options trading on Wednesday. Investors purchased 6,883 put options on the company. This is an increase of 257% compared to the average volume of 1,928 put options.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results 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. On average, analysts predict that Adobe Systems will post $1.23 earnings per share for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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