Insider Selling: Adobe Systems Incorporated (NASDAQ:ADBE) Director Sells 11,000 Shares of Stock

Adobe Systems Incorporated (NASDAQ:ADBE) Director Daniel Rosensweig sold 11,000 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $143.71, for a total value of $1,580,810.00. Following the completion of the transaction, the director now directly owns 8,801 shares of the company’s stock, valued at approximately $1,264,791.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of Adobe Systems Incorporated (ADBE) traded up 0.36% during midday trading on Friday, hitting $146.73. The company had a trading volume of 1,399,373 shares. Adobe Systems Incorporated has a one year low of $95.42 and a one year high of $150.40. The stock’s 50-day moving average price is $143.59 and its 200-day moving average price is $130.51. The stock has a market capitalization of $72.40 billion, a price-to-earnings ratio of 51.11 and a beta of 1.00.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. Analysts predict that Adobe Systems Incorporated will post $4.06 EPS for the current year.

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Institutional investors have recently bought and sold shares of the company. Clean Yield Group purchased a new position in Adobe Systems during the first quarter valued at approximately $100,000. Capital Advisors Ltd. LLC purchased a new position in Adobe Systems during the second quarter valued at approximately $100,000. CWM LLC boosted its position in Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after buying an additional 79 shares in the last quarter. Washington Trust Bank boosted its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new position in Adobe Systems during the first quarter valued at approximately $113,000. 87.97% of the stock is currently owned by hedge funds and other institutional investors.

ADBE has been the subject of several research reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $137.00 target price on shares of Adobe Systems in a research note on Friday, June 16th. Royal Bank Of Canada raised their target price on Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research note on Thursday, May 25th. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 24th. BMO Capital Markets reiterated an “outperform” rating and issued a $160.00 price target (up previously from $140.00) on shares of Adobe Systems in a research report on Friday, June 9th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $150.00 price target on shares of Adobe Systems in a research report on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have assigned a buy rating to the company. Adobe Systems presently has a consensus rating of “Buy” and a consensus price target of $153.20.

About Adobe Systems

Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.

Insider Buying and Selling by Quarter for Adobe Systems (NASDAQ:ADBE)

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