Traders Buy Adobe Systems Incorporated (ADBE) on Weakness on Insider Selling
Traders bought shares of Adobe Systems Incorporated (NASDAQ:ADBE) on weakness during trading on Thursday after an insider sold shares in the company. $98.77 million flowed into the stock on the tick-up and $59.48 million flowed out of the stock on the tick-down, for a money net flow of $39.29 million into the stock. Of all companies tracked, Adobe Systems had the 29th highest net in-flow for the day. Adobe Systems traded down ($0.04) for the day and closed at $153.61Specifically, EVP Abhay Parasnis sold 12,500 shares of the stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Ann Lewnes sold 1,953 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,359 shares of company stock valued at $4,255,181. Company insiders own 0.38% of the company’s stock.
A number of research firms have issued reports on ADBE. Robert W. Baird set a $160.00 price target on Adobe Systems and gave the stock a “buy” rating in a report on Friday, October 6th. Cowen and Company reaffirmed an “outperform” rating and issued a $165.00 price target on shares of Adobe Systems in a report on Tuesday, October 3rd. Zacks Investment Research raised Adobe Systems from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $165.00 price target on shares of Adobe Systems in a report on Thursday, September 21st. Finally, Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $146.89 price target for the company in a report on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and an average price target of $158.16.
The company has a 50 day moving average price of $151.92 and a 200 day moving average price of $143.08. The company has a market cap of $75.72 billion, a PE ratio of 48.29 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period last year, the firm posted $0.75 EPS. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. Equities analysts predict that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.
Large investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after buying an additional 1,651,762 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after buying an additional 2,621,275 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Adobe Systems by 2.9% during the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after buying an additional 943,487 shares in the last quarter. State Street Corp grew its holdings in shares of Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after buying an additional 234,270 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Adobe Systems by 784.4% during the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after buying an additional 9,957,241 shares in the last quarter. Hedge funds and other institutional investors own 87.51% of the company’s stock.
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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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