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Adobe reported a robust third quarter after the market closed on Sept. 21. Buyers, nevertheless, might have needed to see greater recurring income. At first of October, Adobe named a new chief monetary officer. The inventory, a Barron’s choose to rebound after its September stoop, is now lagging behind the 17% rise within the
S&P 500 index
yr to this point.
Narayen offered 40,000 Adobe (ticker: ADBE) shares on Sept. 24 for a complete of $24.8 million, a per share common value of $620.26. In keeping with a type he filed with the Securities and Trade Fee, Narayen offered the shares by means of a belief that now owns 329,717 shares.
Adobe didn’t reply to a request to make Narayen accessible for touch upon the inventory sale.
Narayen additionally offered Adobe shares earlier in 2021—unloading 80,907 shares in January for $38.2 million, at a per share common value of $471.85. These gross sales have been performed by the belief by means of a so-called Rule 10b5-1 buying and selling plan adopted in October 2020, which robotically executes trades when sure preset situations, resembling value and quantity, are met. The plan is meant to take away the chance that an insider might benefit from his data of fabric nonpublic info.
Narayen’s newest sale alone has topped the greenback quantity of his whole 2020 inventory gross sales of fifty,000 shares, amounting to $22.1 million at a mean value of $442.37 every.
Inside Scoop is an everyday Barron’s function overlaying inventory transactions by company executives and board members—so-called insiders—in addition to massive shareholders, politicians, and different outstanding figures. As a result of their insider standing, these buyers are required to reveal inventory trades with the Securities and Trade Fee or different regulatory teams.
Write to Ed Lin at [email protected] and observe @BarronsEdLin.