Adobe (NASDAQ:ADBE) Given New $430.00 Price Target at Wells Fargo & Company

Adobe (NASDAQ:ADBE) had its price objective dropped by equities researchers at Wells Fargo & Company from $600.00 to $430.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 25.28% from the stock’s current price.

Several other equities analysts also recently commented on ADBE. Mizuho dropped their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. DA Davidson cut their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Citigroup lowered their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $506.73.

Adobe Stock Performance

ADBE stock opened at $343.22 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $146.28 billion, a PE ratio of 27.68, a P/E/G ratio of 2.15 and a beta of 1.49. The business has a 50 day moving average of $401.15 and a 200-day moving average of $448.52. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business posted $4.48 EPS. As a group, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last 90 days. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new position in Adobe during the 4th quarter valued at approximately $28,000. Copia Wealth Management purchased a new position in Adobe during the fourth quarter valued at $28,000. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe in the fourth quarter worth $31,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter valued at $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.