Wells Fargo & Company Lowers Adobe (NASDAQ:ADBE) Price Target to $640.00

Adobe (NASDAQ:ADBE) had its price target dropped by investment analysts at Wells Fargo & Company from $700.00 to $640.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 52.53% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Barclays cut their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $575.85.

Adobe Trading Down 0.7 %

Shares of ADBE stock opened at $419.58 on Tuesday. The company’s 50-day moving average price is $486.71 and its 200-day moving average price is $518.66. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $184.70 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31. Adobe has a twelve month low of $415.51 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.52 earnings per share. As a group, equities analysts predict that Adobe will post 16.73 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock valued at $1,679,809 over the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADBE. Quest Partners LLC raised its position in Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 111 shares in the last quarter. Private Management Group Inc. raised its position in Adobe by 9.3% in the second quarter. Private Management Group Inc. now owns 703 shares of the software company’s stock worth $391,000 after acquiring an additional 60 shares in the last quarter. LGT Fund Management Co Ltd. raised its position in Adobe by 215.0% in the second quarter. LGT Fund Management Co Ltd. now owns 5,027 shares of the software company’s stock worth $2,793,000 after acquiring an additional 3,431 shares in the last quarter. Global X Japan Co. Ltd. increased its position in shares of Adobe by 15.3% in the second quarter. Global X Japan Co. Ltd. now owns 8,846 shares of the software company’s stock valued at $4,914,000 after buying an additional 1,173 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its position in shares of Adobe by 6.3% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 7,123 shares of the software company’s stock valued at $3,957,000 after buying an additional 424 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.