Adobe (NASDAQ:ADBE) Given New $600.00 Price Target at Wells Fargo & Company

Adobe (NASDAQ:ADBE) had its target price reduced by equities researchers at Wells Fargo & Company from $640.00 to $600.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 34.23% from the company’s previous close.

Several other research firms have also commented on ADBE. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Finally, BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $569.35.

Adobe Price Performance

NASDAQ ADBE traded up $2.21 during trading hours on Friday, reaching $446.99. The company’s stock had a trading volume of 468,373 shares, compared to its average volume of 3,329,099. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The stock has a market cap of $194.58 billion, a PE ratio of 36.16, a PEG ratio of 2.15 and a beta of 1.37. The company’s 50-day moving average is $439.51 and its two-hundred day moving average is $488.46.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. Analysts forecast that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently modified their holdings of the company. Connable Office Inc. boosted its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares in the last quarter. 1ST Source Bank lifted its holdings in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. Holistic Financial Partners boosted its position in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares in the last quarter. Sepio Capital LP increased its stake in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Finally, Cadence Bank lifted its stake in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares during the period. 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.