Insider Selling: Michael R. Cannon Sells 25,000 Shares of Adobe Systems Stock (ADBE)
Adobe Systems (NASDAQ:ADBE) Director Michael R. Cannon sold 25,000 shares of Adobe Systems stock on the open market in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $72.71, for a total value of $1,817,750.00. Following the transaction, the director now directly owns 25,712 shares in the company, valued at approximately $1,869,520. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Adobe Systems (NASDAQ:ADBE) traded down 0.34% on Wednesday, hitting $72.76. The stock had a trading volume of 2,682,086 shares. Adobe Systems has a one year low of $44.70 and a one year high of $74.69. The stock’s 50-day moving average is $66.99 and its 200-day moving average is $64.02. The company has a market cap of $36.189 billion and a price-to-earnings ratio of 132.75.
Adobe Systems (NASDAQ:ADBE) last released its earnings data on Tuesday, June 17th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts expect that Adobe Systems will post $1.23 EPS for the current fiscal year.
ADBE has been the subject of a number of recent research reports. Analysts at TheStreet upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday. Separately, analysts at Argus raised their price target on shares of Adobe Systems from $81.00 to $85.00 in a research note on Thursday, June 19th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note on Wednesday, June 18th. They now have a $71.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. Adobe Systems has a consensus rating of “Buy” and a consensus target price of $74.00.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.