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

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

Several other research firms have also commented on ADBE. Redburn Atlantic assumed coverage on shares of Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Citigroup cut their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $506.73.

Adobe Stock Up 1.9 %

Shares of NASDAQ:ADBE opened at $349.91 on Tuesday. Adobe has a 1 year low of $332.01 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 stock’s 50-day moving average is $398.97 and its 200 day moving average is $447.84. The company has a market cap of $149.13 billion, a PE ratio of 28.22, a P/E/G ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 earnings per share. Sell-side analysts anticipate that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Several large investors have recently added to or reduced their stakes in the company. Sepio Capital LP lifted its holdings in Adobe by 2.3% in 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 in the last quarter. Cadence Bank raised its stake in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its holdings in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC raised its holdings in shares of Adobe by 0.4% in the fourth 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 in the last quarter. Finally, Foster Group Inc. lifted its stake in Adobe by 4.6% in the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.