Wells Fargo & Company Lowers Adobe (NASDAQ:ADBE) Price Target to $430.00

Adobe (NASDAQ:ADBE) had its price target dropped by equities research analysts at Wells Fargo & Company from $600.00 to $430.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 25.28% from the company’s previous close.

ADBE has been the topic of a number of other reports. Evercore ISI dropped their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 15th. Royal Bank of Canada decreased their target price on Adobe from $530.00 to $480.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Finally, Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $506.73.

Adobe Trading Down 1.6 %

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

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. On average, equities analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ADBE. Mizuho Securities Co. Ltd. grew its position in Adobe by 290.9% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 430 shares of the software company’s stock valued at $165,000 after purchasing an additional 320 shares during the period. Advocate Group LLC raised its holdings in shares of Adobe by 10.7% in the 1st quarter. Advocate Group LLC now owns 13,714 shares of the software company’s stock worth $5,260,000 after acquiring an additional 1,331 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its stake in Adobe by 12.1% during the 1st quarter. Jamison Private Wealth Management Inc. now owns 1,915 shares of the software company’s stock valued at $734,000 after purchasing an additional 207 shares during the last quarter. Canoe Financial LP increased its holdings in Adobe by 929.1% during the 1st quarter. Canoe Financial LP now owns 242,925 shares of the software company’s stock worth $93,169,000 after purchasing an additional 219,319 shares in the last quarter. Finally, Covea Finance bought a new position in shares of Adobe in the first quarter valued at approximately $29,106,000. Institutional investors and hedge funds 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.