Creative software provider Adobe (NASDAQ:ADBE) hit the ground running at its Adobe Summit in Las Vegas today, bringing out a slate of new tools to augment the Adobe Experience Cloud. The move was welcome enough to investors, if in perhaps an understated fashion, as shares gained fractionally in the aftermath of the announcement during Tuesday afternoon’s trading.
Among the tools brought out during the big event were the Adobe Experience Platform and the Adobe Journey Optimizer. The two, in concert, are set to give users a way to offer “…generative AI-powered experiences” for the “right” customers. It’s likely to prove a potent addition to most companies’ marketing mix, delivering a “comprehensive view of customers” and “…true one-on-one personalization” to better pursue the right demographics for a company’s products or services.
What Else Did They Have?
Adobe rolled out more than just that; it also introduced the GenStudio application and some new updates for Firefly, the generative AI model that Adobe uses. GenStudio is still in alpha, so there isn’t even a price tag attached to the tool yet. The price will, however, vary depending on the user and what they want to do with it.
As for Firefly, there was a new tool called “Firefly Services,” offering more than 20 different tools and application programming interfaces (APIs) that let users do things like build on available backgrounds or resize images. Formerly repetitive and tedious tasks will get some help from AI, which is really what we were all hoping it would do.
Is ADBE Stock a Buy or Sell Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ADBE stock based on 23 Buys, six Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After a 36.89% rally in its share price over the past year, the average ADBE price target of $620.63 per share implies 22.01% upside potential.
