Adobe (ADBE): New Buy Recommendation for This Technology Giant

Phillip Securities analyst Paul Chew maintained a Buy rating on Adobe (ADBE – Research Report) yesterday and set a price target of $560.00. The company’s shares opened today at $397.28.

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According to TipRanks, Chew is a 5-star analyst with an average return of 15.3% and a 68.39% success rate. Chew covers the Technology sector, focusing on stocks such as Microsoft, Adobe, and Salesforce.

In addition to Phillip Securities, Adobe also received a Buy from DBS’s Andy Yu CFA in a report issued today. However, on the same day, Citi maintained a Hold rating on Adobe (NASDAQ: ADBE).

Based on Adobe’s latest earnings release for the quarter ending February 28, the company reported a quarterly revenue of $5.71 billion and a net profit of $1.81 billion. In comparison, last year the company earned a revenue of $5.18 billion and had a net profit of $620 million

Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is neutral on the stock. Last month, Jillian Forusz, the SVP & CAO of ADBE sold 462.00 shares for a total of $175,827.96.