Adobe (ADBE): New Buy Recommendation for This Technology Giant

By Carrie Williams

In a report released today, Marshall Senk from Rosenblatt Securities maintained a Buy rating on Adobe (ADBEResearch Report), with a price target of $280. The company’s shares closed yesterday at $263.53.

Senk commented:

“We leave SUMMIT with more confidence in the Digital Experience business than before the event and would increase positions on any misperception of weakness from the 1Q19 results. Reiterate BUY and $280 PT.”

According to TipRanks.com, Senk is a 5-star analyst with an average return of 22.5% and a 72.3% success rate. Senk covers the Technology sector, focusing on stocks such as Carbonite Inc, Cloudera Inc, and Oracle Corp.

Currently, the analyst consensus on Adobe is a Moderate Buy with an average price target of $290.25, which is a 10.1% upside from current levels. In a report issued on March 14, Canaccord Genuity also maintained a Buy rating on the stock with a $300 price target.

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Based on Adobe’s latest earnings release for the quarter ending February 28, the company reported a quarterly net profit of $674 million. In comparison, last year the company had a net profit of $583 million.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.

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.