Adobe (NASDAQ:ADBE) Price Target Cut to $640.00 by Analysts at Wells Fargo & Company

Adobe (NASDAQ:ADBE) had its target price reduced by Wells Fargo & Company from $700.00 to $640.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software company’s stock.

Several other research firms have also recently weighed in on ADBE. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Bank of America decreased their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Barclays cut their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus reduced their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $580.65.

Adobe Trading Down 2.0 %

Adobe stock opened at $422.63 on Tuesday. Adobe has a 52 week low of $420.51 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $186.04 billion, a PE ratio of 34.08, a PEG ratio of 2.51 and a beta of 1.31. The business’s 50-day simple moving average is $488.06 and its 200-day simple moving average is $519.35.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company earned $3.52 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Adobe will post 16.73 earnings per share for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently made changes to their positions in the company. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $26,000. Groupama Asset Managment increased its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC lifted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Institutional investors and hedge funds 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.