In a report released yesterday, Jennifer Redding from Wedbush initiated coverage with a Hold rating on Adobe (NASDAQ: ADBE) and a price target of $270. The company’s shares opened today at $252.73.
According to TipRanks.com, Redding is a 2-star analyst with an average return of 2.4% and a 25.0% success rate. Redding covers the Technology sector, focusing on stocks such as Nuance Communications, Tenable Holdings Inc, and Verint Systems Inc.
Currently, the analyst consensus on Adobe is a Moderate Buy with an average price target of $292, implying a 15.5% upside from current levels. In a report issued on October 16, Oppenheimer also assigned a Hold rating to the stock.
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Based on Adobe’s latest earnings release for the quarter ending August 31, the company reported a quarterly net profit of $666 million. In comparison, last year the company had a net profit of $420 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying 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.
