Wells Fargo & Company Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

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

A number of other brokerages have also issued reports on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. 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 report on Wednesday, January 8th. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $506.73.

Adobe Trading Up 1.9 %

ADBE opened at $349.91 on Tuesday. Adobe has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a fifty day moving average price of $398.97 and a 200-day moving average price of $447.84. The firm has a market cap of $149.13 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping 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 firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. As a group, equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH raised its holdings in 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 purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new stake in Adobe during the 4th quarter worth $28,000. Copia Wealth Management purchased a new stake in Adobe in the fourth quarter valued at $28,000. Decker Retirement Planning Inc. acquired a new position in Adobe in the fourth quarter valued at $31,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the fourth quarter worth about $31,000. 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.