In a report released today, Brian Schwartz from Oppenheimer maintained a Hold rating on Adobe (NASDAQ: ADBE). The company’s shares closed yesterday at $238.01.
Schwartz commented:
“We are positive on Adobe’s growth drivers, trends, and technology vision after strong management commentary and an above-consensus 2019 growth outlook at yesterday’s investors meeting. Management’s tone about the business strength was confident, which could ease the fears that macro software spending is slowing. Additionally, SendGrid got a bid for ~8x sales from Twilio yesterday, possibly suggesting further SaaS industry consolidation looms. Both events lend support to SaaS valuations post tech-selloff. Other positives included: 1) No degradation to the EPS power story; 2) guided FY2019 Digital Experience segment bookings growth to outpace revenue (25% vs. 20%); and 3) sizable TAM expansion. On balance, the outlook doesn’t include potential dilutive impacts to margins from Marketo, and this lack of visibility remains an overhang for new investors.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 26.6% and a 74.6% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
Currently, the analyst consensus on Adobe is a Moderate Buy with an average price target of $292.71.
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The company has a one-year high of $277.61 and a one-year low of $148.15. Currently, Adobe has an average volume of 2.94M.
Based on the recent corporate insider activity of 51 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.
