Adobe (NASDAQ:ADBE) had its target price lowered by equities research analysts at Wells Fargo & Co from $345.00 to $315.00 in a research report issued to clients and investors on Friday, AnalystRatings.com reports. The firm presently has an “equal weight” rating on the software company’s stock. Wells Fargo & Co‘s target price suggests a potential upside of 10.53% from the stock’s current price.
A number of other research firms have also recently commented on ADBE. Morgan Stanley boosted their price objective on Adobe from $410.00 to $450.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. BMO Capital Markets increased their target price on Adobe from $300.00 to $350.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Cowen reissued a “buy” rating and issued a $305.00 price target (up previously from $295.00) on shares of Adobe in a research note on Wednesday, December 11th. Credit Suisse Group boosted their price target on shares of Adobe from $350.00 to $385.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. Finally, BidaskClub raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $340.84.
NASDAQ:ADBE opened at $285.00 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.09. Adobe has a 52 week low of $252.03 and a 52 week high of $386.74. The stock’s 50-day moving average price is $357.18 and its 200-day moving average price is $312.78. The stock has a market capitalization of $152.34 billion, a PE ratio of 47.50, a price-to-earnings-growth ratio of 2.42 and a beta of 0.99.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.04. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Adobe had a return on equity of 31.47% and a net margin of 26.42%. Adobe’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.71 EPS. Sell-side analysts expect that Adobe will post 8.02 earnings per share for the current fiscal year.
In other news, EVP Donna Morris sold 25,481 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $348.16, for a total value of $8,871,464.96. Following the completion of the sale, the executive vice president now directly owns 89,690 shares in the company, valued at $31,226,470.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 948 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $319.27, for a total value of $302,667.96. Following the completion of the sale, the chief accounting officer now directly owns 74 shares of the company’s stock, valued at approximately $23,625.98. The disclosure for this sale can be found here. Insiders sold 59,793 shares of company stock valued at $20,267,469 over the last quarter. Company insiders own 0.31% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Change Path LLC boosted its position in shares of Adobe by 9.0% during the 4th quarter. Change Path LLC now owns 2,651 shares of the software company’s stock valued at $874,000 after acquiring an additional 218 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services increased its stake in Adobe by 2.4% during the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,580 shares of the software company’s stock worth $4,479,000 after acquiring an additional 315 shares during the last quarter. Atlas Private Wealth Management purchased a new stake in Adobe in the fourth quarter valued at $1,672,000. Blue Whale Capital LLP purchased a new position in shares of Adobe during the 4th quarter worth $19,589,000. Finally, RDA Financial Network increased its position in shares of Adobe by 2.1% during the 3rd quarter. RDA Financial Network now owns 3,982 shares of the software company’s stock worth $1,197,000 after purchasing an additional 83 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company’s stock.
About Adobe
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.