Rosenblatt Securities analyst Marshall Senk reiterated a Buy rating on Adobe (NASDAQ: ADBE) on September 14 and set a price target of $280. The company’s shares closed on Friday at $274.69, close to its 52-week high of $277.61.
“We highlight Adobe ’s ongoing strength in Creative Cloud with revenues up 22.5% topping $1.3 billion. We remind investors that the company is heading into its seasonally strongest quarter, with the marketing push of its annual MAX conference next month, which has historically been a key product and sales event. We reiterate our Buy rating and raise our Price Target to $280. Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing.”
According to TipRanks.com, Senk is a 5-star analyst with an average return of 28.2% and a 80.2% success rate. Senk covers the Technology sector, focusing on stocks such as Proofpoint Inc, Salesforce.com, and Carbonite Inc.
Currently, the analyst consensus on Adobe is a Moderate Buy with an average price target of $290.58, a 5.8% upside from current levels. In a report issued on September 10, Jefferies also maintained a Buy rating on the stock with a $300 price target.
Adobe’s market cap is currently $134.7B and has a P/E ratio of 63.29. The company has a Price to Book ratio of 15.47.
Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock.
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