There has been some selling insider activity on Adobe Systems Incorporated (NASDAQ:ADBE) recently. Yesterday Director John E. Warnock disclosed the sale of 5,000 shares. The shares were sold on September 27th for an average price of $106.99. The Director now owns $61,155,484 of the stock according to the SEC filing. Today Daniel Rosensweig, Director disclosed the sale of 13,000 shares of (ADBE). The shares were purchased at an average price of $107.42. Rosensweig now owns $673,309 of the stock per the Form 4 SEC filing.
Ann Lewnes, EVP sold $13,320 worth of shares at an average price of $101.68 on August 26th. The EVP now owns $4,368,986 of the stock as recorded in a recent Form 4 SEC filing.
Here are a few other firms who have also updated their positions. Evercore Wealth Management, LLC trimmed its ownership by shedding 105 shares a decrease of 1.7% as of 06/30/2016. Evercore Wealth Management, LLC now holds 6,011 shares valued at $576,000. The total value of its holdings increased 0.3%. As of quarter end Macquarie Group Ltd had bought a total of 180 shares growing its position 1.5%. The value of the investment in ADBE went from $1,107,000 to $1,148,000 a change of $41,000 quarter to quarter.
As of the end of the quarter BNP Paribas Investment Partners S.A. had disposed of 26,444 shares trimming its holdings by 91.0%. The value of the investment in Adobe Systems Incorporated decreased from $2,730,000 to $251,000 a change of 90.8% quarter over quarter. Twin Tree Management, Lp downsized its position by selling 47,400 shares a decrease of 63.5% in the quarter. Twin Tree Management, Lp owns 27,300 shares worth $2,565,000. The value of the position overall is down by 50.4%.
September 23 investment analysts at Argus Research held the company rating at “Buy” and raised the price expectation to $127.00 from $85.00. On September 21 Goldman Sachs left the company rating at “Neutral” but raised the price target from $100.00 to $112.00.
On September 21 Credit Suisse made no change to the company rating of “Equal-weight” but moved up the price target to $110.00 from $105.00. On September 21 Morgan Stanley kept the stock rating at “Neutral” but raised the price expectation from $60.00 to $112.00.
September 21 investment analysts at UBS left the stock rating at “Buy” and raised the price target from $85.00 to $130.00. On September 21 Canaccord Genuity held the stock rating at “Overweight” and moved up the price target from $110.00 to $122.00.
The company is now up by 2.27% since yesterday’s close of $107.26. The stock is trading at $109.70 slightly over $101.63, the stock’s 50 day moving average and a tad above the 200 day moving average of $97.16. The 50 day moving average was up $8.07 or +7.94% and the 200 day average went up by +12.91%.
The company’s P/E ratio is 55.97 and the market cap of the company is 54.69B. As of the latest earnings report the EPS was $1.96 and is estimated to be $2.97 for the current year with 498,584,000 shares outstanding. Analysts expect next quarter’s EPS will be $0.85 with next year’s EPS anticipated to be $3.86.
Traders are feeling more bearish on shares of the company if you consider the uptick in short interest. The company experienced a rise in short interest of 0.00% between August 31, 2016 and September 15, 2016. Short interest increased 1,617 over that timeframe. Days to cover decreased -1.2 to 2.0 and the percentage of shorted shares is 0.01% as of September 15.