AI Boosts Adobe's Profit, Stock Hits 1-Year Highs

A slew of analysts lifted their price targets

Deputy Editor
Jun 16, 2023 at 10:50 AM
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Adobe Inc (NASDAQ:ADBE) is trading at fresh 52-week highs today, up 4.8% at $514.37 at last glance, and earlier as high as $518.74. The software name announced better-than-expected fiscal second-quarter results and raised its full-year forecast, with help from artificial intelligence (AI) features. 

No fewer than 13 analysts lifted their price targets after the event, including Wells Fargo to $600 from $525. Of the 23 analysts in coverage, 11 carry a "buy" or better rating on ADBE, while the 12-month consensus price target of $520.93 sits at a slim premium to current levels. 

So far today, 78,000 calls and 46,000 puts have been exchanged, which is already 2.6 times the average daily volume. The June 500 put is the most active contract, with new positions being opened there. 

Calls have been extremely popular in the options pits leading up to today. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), both ADBE's 10-day call/put volume ratio of 2.27 and 50-day call/put volume ratio of 1.58 rank in the 100th percentile of their annual range.

 

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