Adobe (NASDAQ:ADBE) Given New $470.00 Price Target at Wells Fargo & Company

Adobe (NASDAQ:ADBE - Free Report) had its price target increased by Wells Fargo & Company from $430.00 to $470.00 in a research report sent to investors on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software company's stock.

A number of other research firms also recently issued reports on ADBE. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. BMO Capital Markets lowered their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Mizuho decreased their price objective on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $494.67.

Adobe Price Performance

ADBE traded down $22.00 on Friday, hitting $391.68. 10,618,205 shares of the company's stock traded hands, compared to its average volume of 3,427,239. The company's 50 day simple moving average is $385.73 and its 200-day simple moving average is $422.64. The firm has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe has a one year low of $332.01 and a one year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 EPS. As a group, research analysts anticipate that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm'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 directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Norges Bank purchased a new position in Adobe in the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC raised its holdings in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. grew its position in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares in the last quarter. Nuveen LLC acquired a new position in Adobe in the 1st quarter valued at about $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its position in Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares in 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.