Adobe (NASDAQ:ADBE) Price Target Increased to $700.00 by Analysts at Wells Fargo & Company

Adobe (NASDAQ:ADBEFree Report) had its price objective upped by Wells Fargo & Company from $675.00 to $700.00 in a report issued on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software company’s stock.

A number of other brokerages also recently commented on ADBE. BMO Capital Markets decreased their target price on Adobe from $610.00 to $525.00 and set an outperform rating for the company in a research note on Thursday, June 6th. TD Cowen decreased their target price on Adobe from $640.00 to $625.00 and set a buy rating for the company in a research note on Monday, June 10th. DA Davidson reiterated a buy rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. UBS Group reduced their price objective on Adobe from $600.00 to $540.00 and set a neutral rating for the company in a research report on Friday, March 15th. Finally, Oppenheimer reiterated an outperform rating and set a $580.00 price objective on shares of Adobe in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $607.67.

Check Out Our Latest Report on ADBE

Adobe Stock Performance

Shares of ADBE stock opened at $518.74 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average of $475.32 and a two-hundred day moving average of $539.44. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market cap of $232.40 billion, a P/E ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm posted $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts anticipate that Adobe will post 14.55 EPS for the current year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,006 shares of company stock worth $1,424,432. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC grew its position in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $35,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Finally, Hanseatic Management Services Inc. bought a new stake in shares of Adobe in the third quarter valued at about $45,000. 81.79% of the stock is owned by institutional investors and hedge funds.

About Adobe

(Get Free Report)

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.

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