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Wells Fargo Thinks Adobe’s Stock is Going to Recover

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Wells Fargo analyst Michael Turrin maintained a Buy rating on Adobe (ADBEResearch Report) today and set a price target of $425.00. The company’s shares closed last Thursday at $365.08, close to its 52-week low of $360.90.

According to TipRanks.com, Turrin is ranked 0 out of 5 stars with an average return of -27.1% and a 20.0% success rate. Turrin covers the Technology sector, focusing on stocks such as Clearwater Analytics Holdings, Tyler Technologies, and RingCentral.

Currently, the analyst consensus on Adobe is a Strong Buy with an average price target of $496.24, which is a 34.3% upside from current levels. In a report issued on June 6, Griffin also reiterated a Buy rating on the stock with a $640.00 price target.

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The company has a one-year high of $699.54 and a one-year low of $360.90. Currently, Adobe has an average volume of 3.5M.

Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ADBE in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Adobe, Inc. provides digital marketing and media solutions, with it operating through the following segments: Digital Media, Digital Experience, and Publishing. Its products and services include Adobe Photoshop, Adobe Illustrator, Adobe Acrobat, analytics solutions, digital experience management, products for eLearning solutions, technical document publishing, web application development, and high-end printing. The company was founded by Charles M. Geschke and John E. Warnock in December 1982 and is headquartered in San Jose, CA.

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