Wells Fargo & Company Lowers Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE) had its price objective cut by equities research analysts at Wells Fargo & Company from $640.00 to $600.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 33.51% from the stock’s previous close.

ADBE has been the subject of several other reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. UBS Group lowered their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $567.81.

Adobe Price Performance

ADBE stock opened at $449.40 on Friday. The company has a market capitalization of $195.62 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. Adobe has a one year low of $403.75 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company’s fifty day moving average price is $439.56 and its 200-day moving average price is $487.15.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the firm posted $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB increased its stake in shares of Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares in the last quarter. Arizona State Retirement System increased its stake in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after acquiring an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of Adobe by 201.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc boosted its stake in shares of Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.