Adobe (NASDAQ:ADBE) PT Lowered to $675.00 at Wells Fargo & Company

Adobe (NASDAQ:ADBE) had its price objective reduced by Wells Fargo & Company from $690.00 to $675.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the software company’s stock.

Other equities analysts have also recently issued research reports about the company. KGI Securities upgraded Adobe from a neutral rating to an outperform rating and set a $730.00 target price for the company in a report on Monday, December 4th. Barclays upgraded Adobe from an equal weight rating to an overweight rating and lifted their target price for the stock from $680.00 to $700.00 in a report on Monday, December 18th. Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a buy rating for the company in a report on Friday. TD Cowen dropped their price objective on Adobe from $650.00 to $640.00 and set an outperform rating for the company in a report on Friday. Finally, Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an overweight rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $627.00.

Adobe Price Performance

NASDAQ:ADBE traded up $21.40 during trading hours on Friday, reaching $513.86. The stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. Adobe has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a 50 day moving average price of $583.38 and a two-hundred day moving average price of $573.74. The stock has a market capitalization of $232.55 billion, a PE ratio of 49.13, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.97 EPS. As a group, sell-side analysts anticipate that Adobe will post 14.46 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Daniel Durn sold 3,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $596.94, for a total transaction of $1,790,820.00. Following the transaction, the chief financial officer now directly owns 18,716 shares of the company’s stock, valued at approximately $11,172,329.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last three months, insiders sold 44,162 shares of company stock valued at $26,276,030. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC acquired a new position in Adobe during the 3rd quarter valued at about $25,000. HBC Financial Services PLLC purchased a new stake in Adobe during the 3rd quarter valued at about $25,000. Global Wealth Strategies & Associates grew its stake in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe during the 4th quarter valued at about $29,000. Finally, Halpern Financial Inc. grew its stake in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares during the last quarter. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

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.