J.P. Morgan analyst Sterling Auty maintained a Buy rating on Adobe (ADBE – Research Report) yesterday and set a price target of $550.00. The company’s shares closed last Tuesday at $497.67, close to its 52-week high of $536.88.
According to TipRanks.com, Auty is a 5-star analyst with an average return of 14.8% and a 58.7% success rate. Auty covers the Technology sector, focusing on stocks such as Duck Creek Technologies, Inc., Zoom Video Communications, and CrowdStrike Holdings.
Adobe has an analyst consensus of Strong Buy, with a price target consensus of $541.82, a 9.7% upside from current levels. In a report issued on September 9, Jefferies also maintained a Buy rating on the stock with a $570.00 price target.
Based on Adobe’s latest earnings release for the quarter ending May 31, the company reported a quarterly revenue of $3.13 billion and net profit of $1.1 billion. In comparison, last year the company earned revenue of $2.74 billion and had a net profit of $633 million.
Based on the recent corporate insider activity of 89 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.
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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. The Digital Experience segment provides solutions, including analytics, social marketing, targeting, media optimization, digital experience management, and cross-channel campaign management, as well as premium video delivery and monetization. The Publishing segment includes legacy products and services 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.