Wells Fargo & Company Begins Coverage on Adobe (NASDAQ:ADBE)

Analysts at Wells Fargo & Company started coverage on shares of Adobe (NASDAQ:ADBE) in a research report issued on Monday, Price Targets.com reports. The firm set an “overweight” rating and a $770.00 price target on the software company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 19.22% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Mizuho reissued a “buy” rating and issued a $695.00 target price (up from $640.00) on shares of Adobe in a research note on Friday, September 17th. Royal Bank of Canada lifted their target price on Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Cowen lifted their target price on Adobe from $650.00 to $700.00 and gave the company an “outperform” rating in a research note on Friday, September 10th. BMO Capital Markets lifted their price objective on Adobe from $630.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, September 16th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Adobe in a research note on Sunday, June 20th. Four investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Buy” and an average price target of $655.09.

Adobe stock opened at $645.89 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31. The company has a market capitalization of $307.70 billion, a PE ratio of 55.97, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97. Adobe has a one year low of $420.78 and a one year high of $673.88. The business has a 50 day simple moving average of $638.74 and a 200 day simple moving average of $555.67.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 21st. The software company reported $3.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the company posted $2.12 EPS. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. Equities analysts anticipate that Adobe will post 10.28 earnings per share for the current fiscal year.

In related news, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction dated Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total value of $27,704.46. Following the transaction, the executive vice president now owns 11,831 shares of the company’s stock, valued at approximately $7,804,082.53. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $582.71, for a total transaction of $1,602,452.50. Following the transaction, the executive vice president now directly owns 25,665 shares in the company, valued at approximately $14,955,252.15. The disclosure for this sale can be found here. Insiders sold a total of 4,530 shares of company stock valued at $2,705,892 over the last quarter. 0.23% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of Adobe by 0.7% during the 2nd quarter. FMR LLC now owns 23,568,183 shares of the software company’s stock valued at $13,802,471,000 after purchasing an additional 165,449 shares in the last quarter. State Street Corp grew its position in Adobe by 0.6% in the second quarter. State Street Corp now owns 18,951,950 shares of the software company’s stock worth $11,099,020,000 after acquiring an additional 111,828 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Adobe by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 8,574,479 shares of the software company’s stock worth $4,076,052,000 after purchasing an additional 65,913 shares during the last quarter. Geode Capital Management LLC lifted its stake in Adobe by 2.5% in the second quarter. Geode Capital Management LLC now owns 8,253,684 shares of the software company’s stock worth $4,820,799,000 after purchasing an additional 202,966 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Adobe by 7.8% in the first quarter. Janus Henderson Group PLC now owns 7,268,925 shares of the software company’s stock worth $3,455,410,000 after purchasing an additional 527,558 shares during the last quarter. Institutional investors and hedge funds own 81.67% of the company’s stock.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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