Adobe Systems Incorporated (ADBE) Director Sells $4,696,682.00 in Stock
Adobe Systems Incorporated (NASDAQ:ADBE) Director John E. Warnock sold 32,600 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Adobe Systems Incorporated (ADBE) opened at 142.54 on Wednesday. The stock has a market cap of $70.47 billion, a price-to-earnings ratio of 49.65 and a beta of 0.98. Adobe Systems Incorporated has a 1-year low of $90.35 and a 1-year high of $144.81. The firm’s 50 day moving average price is $138.74 and its 200-day moving average price is $123.07.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Adobe Systems’s revenue for the quarter was up 26.7% on a year-over-year basis. On average, equities analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in ADBE. FMR LLC increased its position in Adobe Systems by 0.4% in the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock valued at $4,423,835,000 after buying an additional 139,986 shares in the last quarter. Vanguard Group Inc. increased its position in Adobe Systems by 2.9% in the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock valued at $4,301,480,000 after buying an additional 937,118 shares in the last quarter. BlackRock Inc. increased its position in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after buying an additional 30,228,013 shares in the last quarter. State Street Corp increased its position in Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after buying an additional 234,270 shares in the last quarter. Finally, Janus Capital Management LLC increased its position in Adobe Systems by 4.0% in the fourth quarter. Janus Capital Management LLC now owns 14,281,223 shares of the software company’s stock valued at $1,470,479,000 after buying an additional 550,041 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.
ADBE has been the topic of several recent research reports. Vetr cut Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price on the stock. in a research report on Tuesday, June 20th. Canaccord Genuity reaffirmed a “buy” rating and set a $165.00 target price (up previously from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $121.00 target price (up previously from $114.00) on shares of Adobe Systems in a research report on Saturday, March 11th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $160.00 target price on shares of Adobe Systems in a research report on Wednesday, March 22nd. Finally, KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a research report on Sunday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $154.01.
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.
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