Wells Fargo & Company Cuts Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE) had its price target lowered by equities research analysts at Wells Fargo & Company from $640.00 to $600.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 33.51% from the stock’s current price.

Other equities analysts have also issued reports about the stock. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $590.00 price objective on shares of Adobe in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned 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 an average price target of $567.81.

Adobe Price Performance

ADBE stock opened at $449.40 on Friday. Adobe has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $195.62 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business has a 50 day simple moving average of $439.56 and a 200-day simple moving average of $487.15.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company earned $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

Large investors have recently made changes to their positions in the company. Siemens Fonds Invest GmbH grew its holdings in shares of 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 buying an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at $28,000. Finally, Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth about $28,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.