Insider Selling: Adobe Systems CEO Sells 36,762 Shares of Stock (ADBE)
Adobe Systems (NASDAQ:ADBE) CEO Shantanu Narayen unloaded 36,762 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $72.07, for a total transaction of $2,649,437.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Adobe Systems (NASDAQ:ADBE) traded up 0.28% during mid-day trading on Tuesday, hitting $72.10. 2,161,445 shares of the company’s stock traded hands. Adobe Systems has a 1-year low of $45.76 and a 1-year high of $74.69. The stock’s 50-day moving average is $70.95 and its 200-day moving average is $67.34. The company has a market cap of $35.861 billion and a price-to-earnings ratio of 130.73. Adobe Systems also saw a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 5,568,903 shares, a growth of 32.1% from the July 31st total of 4,216,377 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average daily volume of 2,413,971 shares, the short-interest ratio is presently 2.3 days.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly 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.
Several analysts have recently commented on the stock. Analysts at TheStreet upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. 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 Goldman Sachs raised their price target on shares of Adobe Systems to $77.00 in a research note on Wednesday, June 18th. They now have a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $74.19.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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