#3 - Adobe (NASDAQ:ADBE)
When Adobe Inc. (NASDAQ: ADBE) announced a $25 billion share buyback program in March 2024, it was supposed to stop the bleeding in ADBE stock, which was down 11% for the year at the time of the announcement. So far, that hasn’t happened as the stock is now down 18% in 2024. However, the stock appears to be building a base of support that could make for an attractive buying opportunity.
A key reason for that is valuation. At a time when other tech stocks look overvalued, Adobe is trading at a discount. This is despite the company being the market share leader in the graphics software market with 42%. And that goes along with the company’s 59% market share in the computer market.
The Adobe analyst ratings on MarketBeat still show a $620 consensus price target, which is an upside of over 28% from the stock’s current price. ADBE stock has a buyback yield of 2.16%. Despite the recent pullback, the stock is up 73.6% in the last five years.
About Adobe
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
Read More - Current Price
- $504.35
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 18 Buy Ratings, 7 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $606.40 (20.2% Upside)
