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

Adobe (NASDAQ:ADBE) had its target price lowered by Wells Fargo & Company from $600.00 to $430.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the software company’s stock.

A number of other equities research analysts also recently weighed in on the company. Robert W. Baird cut their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. UBS Group lowered their price target on Adobe from $410.00 to $380.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. BMO Capital Markets decreased their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Finally, Bank of America cut their price target on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $502.88.

Adobe Trading Up 2.5 %

NASDAQ ADBE opened at $360.91 on Tuesday. The company has a market capitalization of $153.82 billion, a price-to-earnings ratio of 29.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company’s fifty day moving average price is $394.82 and its two-hundred day moving average price is $446.30. 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 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the prior year, the firm earned $4.48 earnings per share. As a group, research analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price 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 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 disclosure for this purchase can be found here. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the company. Copia Wealth Management acquired a new stake in shares of Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth $28,000. Decker Retirement Planning Inc. purchased a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Summit Securities Group LLC bought a new position in Adobe in the 4th quarter worth approximately $31,000. Finally, Caitlin John LLC boosted its holdings in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company’s stock valued at $34,000 after purchasing an additional 48 shares during the period. 81.79% of the stock is owned by institutional investors.

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.