The biggest seller of ADBE shares was Jeffrey Ubben's hedge fund, ValueAct Capital, which sold around 6 million shares during October 2013 reducing its equity stake from 6.27% to 25.3 million shares, which represent 5.1% of the company. The reported price range of these transactions was from $52.15 to $53.22.
Now, Director Narayen apparently receives and cashes out of 50,000 worth of stock options per month. Although this dilutes the share value, Narayen has consistently held 231,672 shares or about .05% of ADBE. Besides Narayen and ValueAct, other Officers and Directors have sold 291,806 of their 1,429,653 or about 20% of their positions.
CONCLUSION - I don't think we can chalk up these Insider Sales to tax selling or year-end Bonuses, BUT its not an all out selling frenzy. I have not confirmed the numbers put out by YHOO Finance but accordingly Insiders have sold 46.6% of their equity position in the last 6 months. That is pretty significant!
In addition to ValueAct selling, I count 21 separate Form 4's since October, and there's plenty before October also. It's a sea of rampant selling. sec.gov there are 5 Form 4 sells in the last week alone.
I'm hoping for a sizeable shift down in price January.
Keep trolling, fellas, while the rest of us enjoy the increasingly higher stock prices. There will be bumps in the road - that's what we investors expect - but Adobe is clearly executing on their plans communicated to Wall Street and us longs will enjoy the ride.
I don't see any corrections to my Insider Selling analysis. It should be pointed out that CEO, President, and Director Shantanu Narayen, age 49, receives options to acquire 50,000 shares each month at varying prices well below FMV. Mr. Narayen regularly exercises his right to buy these options at a reduced price, and then immediately sells them. If you know of additional Insider Sales, please let me know, but we have to stick to the FACTS!