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

Adobe (NASDAQ:ADBE - Free Report) had its price target reduced by Wells Fargo & Company from $600.00 to $430.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the software company's stock.

Other analysts also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target for the company in a report on Wednesday, January 15th. Royal Bank of Canada lowered their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Finally, UBS Group lowered their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Eleven investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $6.81 during midday trading on Tuesday, hitting $367.72. The stock had a trading volume of 3,497,670 shares, compared to its average volume of 3,438,238. 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 stock has a 50 day simple moving average of $392.89 and a 200-day simple moving average of $445.08. The company has a market capitalization of $156.72 billion, a PE ratio of 29.65, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating 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 analyst estimates of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. On average, sell-side analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company's stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company's stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.16% of the company's stock.

Institutional Trading of Adobe

Several hedge funds have recently added to or reduced their stakes in the company. Sepio Capital LP lifted its position in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank lifted its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares during the last quarter. Eagle Strategies LLC boosted its position in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares during the last quarter. Finally, Foster Group Inc. raised its position in shares of Adobe by 4.6% during the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock worth $234,000 after acquiring an additional 23 shares in the last quarter. 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.