Wells Fargo & Company Raises Adobe (NASDAQ:ADBE) Price Target to $700.00

Adobe (NASDAQ:ADBE) had its target price boosted by Wells Fargo & Company from $675.00 to $700.00 in a research note issued to investors on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software company’s stock.

ADBE has been the subject of a number of other reports. Oppenheimer reiterated an outperform rating and issued a $580.00 price target on shares of Adobe in a research note on Friday. Piper Sandler Companies cut their target price on shares of Adobe from $705.00 to $700.00 and set an overweight rating for the company in a research report on Friday, March 15th. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a neutral rating in a research report on Friday. UBS Group cut their target price on shares of Adobe from $600.00 to $540.00 and set a neutral rating for the company in a research report on Friday, March 15th. Finally, JMP Securities restated a market perform rating on shares of Adobe in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of Moderate Buy and a consensus target price of $605.17.

Adobe Trading Up 14.5 %

NASDAQ:ADBE opened at $525.31 on Friday. The company has a 50-day moving average price of $474.63 and a 200-day moving average price of $540.09. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $235.34 billion, a price-to-earnings ratio of 47.20, a P/E/G ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the company posted $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. Equities analysts predict that Adobe will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ADBE. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC increased its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in Adobe in the 4th quarter worth about $35,000. Steph & Co. increased its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Finally, Hanseatic Management Services Inc. purchased a new position in Adobe in the 3rd quarter worth about $45,000. Institutional investors own 81.79% of the company’s stock.

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.