Adobe (NASDAQ:ADBE) Receives “Overweight” Rating from Wells Fargo & Company

Adobe (NASDAQ:ADBE)‘s stock had its “overweight” rating reiterated by Wells Fargo & Company in a report issued on Friday, MarketBeat.com reports. They presently have a $470.00 price objective on the software company’s stock, up from their previous price objective of $430.00. Wells Fargo & Company‘s price target would suggest a potential upside of 19.95% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. DA Davidson reduced their price target on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $495.29.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $0.17 during trading on Friday, hitting $391.85. 3,096,985 shares of the company’s stock were exchanged, compared to its average volume of 3,381,267. The company has a market cap of $167.00 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The business’s 50-day simple moving average is $386.76 and its 200 day simple moving average is $420.43.

Insider Activity

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

Institutional investors have recently bought and sold shares of the business. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at $28,000. 1248 Management LLC purchased a new position in Adobe in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the 1st quarter worth $26,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe during the 4th quarter worth $31,000. 81.79% 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.