1. An electronic device that is exposed to ambient light that has an ambient light color, comprising: a color sensing ambient light sensor that detects the ambient light and that produces a corresponding sensor output signal; and control circuitry that determines a target color based on the sensor output signal and that adaptively determines a color converting matrix based on the detected ambient light, wherein the control circuitry stores data corresponding to a plurality of different light sources, wherein the control circuitry computes each value in the color converting matrix during operation of the electronic device based on a distance between each light source and the target color in a given color space, wherein the control circuitry converts the sensor output signal from a sensor signal in a device-dependent color space to a sensor signal in a device-independent color space using the color converting matrix to obtain an ambient light color value indicative of the ambient light color, wherein the device-dependent color space is defined by red, green, and blue values, and wherein the device-independent color space is defined by tristimulus values.