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- 1 Adobe Inc. (NASDAQ: ADBE) is looking towards incorporating artificial intelligence in its ongoing operations.
- 2 Analysts believe it to benefit the software company and raise the stock rating and price target for ADBE stock.
- 3 Adobe stock price is in an uptrend and nearly has been up 70% year-to-date (YTD).
The American computer software company Adobe Inc. (NASDAQ: ADBE) is catching up with the fast-paced train of artificial intelligence (AI). The incorporation of emerging cutting-edge tech is giving unprecedented advantages to companies across industries.
Analysts believe the software firm is poised to better align its objectives with AI and Adobe’s stock price could hoard down the road.
Recently, Morgan Stanley analysts increased Adobe’s stock price target and its rating. The instance resulted in boosting the already upside-moving stock price.
Analyst Keith Weiss upgraded the rating for Adobe from equal weight (or simply hold) to overweight (to buy). The price target for ADBE stock was raised from $510 to $660.
California headquartered company’s take towards artificial intelligence. It looks towards AI-enabled products and adding AI capabilities into Creative Cloud adding value to services.
Adobe Inc. (NASDAQ: ADBE) Maintains Impressive Earnings
The multinational software company has maintained impressive earnings results for the past several quarters. In the recent quarter, Adobe Inc. (NASDAQ: ADBE) posted revenue of $4.8 Billion which was 9.8% higher than the previous year. The net income for the quarter was $1.30 Billion marking an increase of over 9% year-over-year.
Adobe reported earnings per share (EPS) of $3.9 better than the estimate of $3.79.
For the upcoming quarterly report expected to drop by September 19 2023, the company is expected to post revenue of $4.86 Billion and the EPS to remain at $3.97.
Adobe Stock Price Movement Confirms an Uptrend
Currently, Adobe stock price is trading at $549.1 following the increase of 0.5% in the last intraday trading session on August 1, 2023. The stock price is sustained within the range of $320 to $360 from the beginning of the year. The zone acts as a strong support for ADBE stock price.
Since May 2023, Adobe stock rose more than 60% to date. It is sustaining over 50- and 200-day moving averages following the recent golden crossover.
MACD is taking an upward curve suggesting a bullishness in ADBE stock price. RSI is at 73 confirming the up move, but a slight retracement could be possible as the stock is entering the oversold zone.
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Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
