Wells Fargo & Company Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price cut by analysts at Wells Fargo & Company from $700.00 to $640.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 49.13% from the stock’s current price.

A number of other equities research analysts also recently issued reports on ADBE. Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Royal Bank of Canada dropped their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $580.65.

Adobe Stock Performance

NASDAQ ADBE traded down $2.03 during trading hours on Tuesday, hitting $429.15. 1,140,831 shares of the stock were exchanged, compared to its average volume of 3,290,788. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $188.91 billion, a price-to-earnings ratio of 34.61, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. Adobe has a 12-month low of $425.32 and a 12-month high of $638.25. The stock has a 50-day moving average of $489.31 and a 200 day moving average of $520.13.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate 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 was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.52 EPS. As a group, equities research analysts forecast that Adobe will post 16.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock worth $1,679,809 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of ADBE. Commonwealth Financial Services LLC grew its position in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC boosted its holdings in Adobe by 4.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after purchasing an additional 20 shares during the period. Connable Office Inc. increased 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 valued at $1,932,000 after purchasing an additional 20 shares during the last quarter. 1ST Source Bank raised its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. Finally, Sfmg LLC lifted its position in shares of Adobe by 3.1% in the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after buying an additional 21 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.