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Adobe to Acquire Frame.io for $1.27B; Street Says Buy
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Adobe to Acquire Frame.io for $1.27B; Street Says Buy

Computer software company Adobe (ADBE) recently announced that it has entered into a definitive agreement to acquire a cloud-based video collaboration platform, Frame.io, for $1.27 billion. The deal is likely to close in the fourth quarter of Adobe’s Fiscal Year 2021.

Following the news, shares of the company remained unchanged at $637.66 on Thursday.

The buyout will enable Adobe to make use of Frame.io’s cloud-first workflows. Further, Adobe will be able to access Frame.io’s diverse user base.

The Chief Product Officer of Adobe Creative Cloud, Scott Belsky, said, “With this acquisition, we’re welcoming an incredible customer-oriented team and adding Frame.io’s cloud-native workflow capabilities to make the creative process more collaborative, productive, and efficient to further unleash creativity for all.” (See Adobe stock chart on TipRanks)

On August 16, Jefferies analyst Brent Thill assigned a Buy rating to the stock with a price target of $750. The analyst’s price target implies upside potential of 17.6% from current levels.

Consensus among analysts is a Strong Buy based on 17 Buys and 2 Holds. The average Adobe price target of $631.94 implies downside potential of 1% from current levels.

Adobe scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares of the company have gained 33.3% over the past year.

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