Why Adobe (ADBE) Shares Are Trading Higher Thursday

Adobe, Inc. ADBE shares are trading higher on Thursday after Adobe kicked off Adobe Summit EMEA 2023 with several announcements regarding its generative AI services, Sensei GenAI and other new product innovations.

What To Know:

Adobe announced enhanced AI features for its Content Supply Chain Solution, which now includes Adobe Firefly for Enterprise, aiming to improve content creation with a generative AI solution.

Adobe also announced expansions to its generative AI service, Sensei GenAI, which is now available in Adobe Experience Cloud applications including Customer Journey Analytics, Adobe Experience Manager, Adobe Journey Optimizer and Marketo Engage. 

Anil Chakravarthy, president of digital experience business at Adobe, said, "The imperative for brands around the world today is achieving profitable growth, and the combination of driving internal efficiencies and delivering a great customer experience is critical to success. Generative AI is the great unlock in this equation, and with our latest Sensei GenAI innovations we are delivering organizations a true co-pilot to accelerate and enhance their efforts."

Adobe also announced new features including Adobe Product Analytics for enterprise customers, as well as major enhancements to Adobe Mix Modeler, Adobe Experience Manager, Adobe Real-Time Customer Data Platform and Adobe Journey Optimizer.

Piper Sandler maintained an Overweight rating on Adobe Thursday and raised its price target from $415 to $500. Deutsche Bank also maintained a Buy and raised its price target from $430 to $500.

Adobe is set to report quarterly results next week. The company is expected to report earnings of $3.79 per share on quarterly revenue of $4.77 billion, per Benzinga Pro.

Related News: Why Carvana Shares Are Popping Thursday

ADBE Price Action: Adobe shares were trading higher by nearly 5% at $437.89 at the time of publication, according to Benzinga Pro.

Image: courtesy of Adobe