In a report issued on July 19, Kirk Materne from Evercore ISI maintained a Buy rating on Adobe (ADBE – Research Report), with a price target of $475.00. The company’s shares closed last Tuesday at $379.26, close to its 52-week low of $338.00.
According to TipRanks.com, Materne is a 4-star analyst with an average return of 5.4% and a 53.6% success rate. Materne covers the Technology sector, focusing on stocks such as CCC Intelligent Solutions Holdings, Qualtrics International, and Tyler Technologies.
Currently, the analyst consensus on Adobe is a Strong Buy with an average price target of $458.67.
Based on Adobe’s latest earnings release for the quarter ending May 31, the company reported a quarterly revenue of $4.39 billion and net profit of $1.18 billion. In comparison, last year the company earned revenue of $3.84 billion and had a net profit of $1.12 billion.
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Adobe, Inc. provides digital marketing and media solutions, with it operating through the following segments: Digital Media, Digital Experience, and Publishing. Its products and services include Adobe Photoshop, Adobe Illustrator, Adobe Acrobat, analytics solutions, digital experience management, products for eLearning solutions, technical document publishing, web application development, and high-end printing. The company was founded by Charles M. Geschke and John E. Warnock in December 1982 and is headquartered in San Jose, CA.
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