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

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

Other research analysts have also issued reports about the company. Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Bank of America reduced their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Citigroup lowered their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Adobe Price Performance

Shares of Adobe stock opened at $419.58 on Tuesday. Adobe has a 52 week low of $415.51 and a 52 week high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $485.54 and its two-hundred day moving average price is $517.97. The stock has a market cap of $184.70 billion, a PE ratio of 33.84, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. As a group, sell-side analysts anticipate that Adobe will post 16.73 EPS for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,293 shares of company stock valued at $1,679,809. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Fulton Bank N.A. boosted its holdings in shares of Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after acquiring an additional 499 shares in the last quarter. Northcape Capital Pty Ltd grew its holdings in Adobe by 44.4% during the 4th quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock worth $2,292,000 after acquiring an additional 1,585 shares during the last quarter. One Wealth Capital Management LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $1,057,000. Norway Savings Bank raised its position in Adobe by 33.3% in the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after purchasing an additional 565 shares during the last quarter. Finally, Diversified Trust Co raised its position in Adobe by 27.6% in the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock worth $3,656,000 after purchasing an additional 1,776 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.