In a report issued on June 12, Kash Rangan from Merrill Lynch reiterated a Buy rating on Adobe (NASDAQ: ADBE), with a price target of $278. The company’s shares opened today at $257.15, close to its 52-week high of $258.91.
According to TipRanks.com, Rangan is a 4-star analyst with an average return of 12.5% and a 65.3% success rate. Rangan covers the Technology sector, focusing on stocks such as Salesforce.com, Oracle Corp, and Splunk Inc.
Currently, the analyst consensus on Adobe is Moderate Buy and the average price target is $253.94, representing a -1.2% downside.
In a report issued on June 11, RBC Capital also maintained a Buy rating on the stock with a $268 price target.
Based on Adobe’s latest earnings release for the quarter ending February 28, the company reported a quarterly net profit of $583 million. In comparison, last year the company had a net profit of $374 million.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.
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