Adobe (NASDAQ:ADBE) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Adobe (NASDAQ:ADBE) in a research note published on Monday morning, PriceTargets.com reports. The brokerage issued an overweight rating and a $770.00 price objective on the software company’s stock.

Other equities research analysts also recently issued reports about the company. Barclays raised their target price on Adobe from $660.00 to $740.00 and gave the company an overweight rating in a report on Thursday, September 16th. JPMorgan Chase & Co. raised their target price on Adobe from $595.00 to $660.00 and gave the company an overweight rating in a report on Friday, June 18th. Argus lifted their price objective on Adobe from $650.00 to $764.00 and gave the stock a buy rating in a report on Friday, September 3rd. Royal Bank of Canada upped their target price on Adobe from $575.00 to $650.00 and gave the company an outperform rating in a research report on Friday, June 18th. Finally, Cowen upped their price target on shares of Adobe from $650.00 to $700.00 and gave the company an outperform rating in a report on Friday, September 10th. Four investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $655.09.

NASDAQ ADBE opened at $641.29 on Monday. The firm has a market capitalization of $305.51 billion, a P/E ratio of 55.57, a P/E/G ratio of 3.42 and a beta of 0.97. Adobe has a 1-year low of $420.78 and a 1-year high of $673.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50-day simple moving average is $637.92 and its 200-day simple moving average is $554.23.

In other Adobe news, CMO Ann Lewnes sold 1,164 shares of the firm’s stock in a transaction dated Friday, July 30th. The shares were sold at an average price of $619.03, for a total transaction of $720,550.92. Following the transaction, the chief marketing officer now owns 25,672 shares of the company’s stock, valued at approximately $15,891,738.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,750 shares of the firm’s stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $582.71, for a total transaction of $1,602,452.50. Following the transaction, the executive vice president now directly owns 25,665 shares in the company, valued at approximately $14,955,252.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,530 shares of company stock worth $2,705,892. Corporate insiders own 0.23% of the company’s stock.

Several large investors have recently bought and sold shares of ADBE. Baldrige Asset Management LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $26,000. Harbour Investments Inc. bought a new position in shares of Adobe during the 1st quarter valued at about $27,000. Key Financial Inc bought a new position in shares of Adobe during the 2nd quarter valued at about $29,000. Stuart Chaussee & Associates Inc. bought a new position in shares of Adobe during the 1st quarter valued at about $33,000. Finally, Atlantic Trust LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $34,000. Institutional investors own 81.67% of the company’s stock.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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