Adobe Systems Incorporated (ADBE - Free Report) has announced an open community ecosystem platform for the Adobe XD users in a bid to improve its product offerings.
The new platform will assist the developers to build on top of Adobe XD by enabling them to modify their tools with the help of built-in plugins and leverage the APIs of this design software application.
Additionally, developers can now automate their workflows by integrating Adobe XD with the designer’s workflow through third-party collaboration tools like Microsoft Teams, Slack and Jira Software Cloud. Further, the platform will provide access to the tools required by the designers.
The latest move of the company is in sync with its strong focus toward developing powerful collaboration capabilities and friction less workflows. Moreover, it will strengthen the company’s solutions portfolio.
Coming to the price performance, shares of Adobe have returned 73% over a year, outperforming the industry’s rally of 37.2%.
Strong Initiatives For Better Designing
The above mentioned endeavors of the company are in sync with its strong initiatives to bolster presence in the world of design experience.
Additionally, the company revealed the initial recipients of its previously announced $10 million fund. In fact, this is a part of its ongoing investment in design community. Notably, the recipients include several developers who are building tools and plugins on Adobe XD for the benefit of the designers.
The recipients include the likes of CloudApp, Stark, Design+Code, Modulz, UI Faces, to name a few.
Furthermore, Adobe is already in working with Microsoft (MSFT - Free Report) , Alphabet’s (GOOGL - Free Report) Google Cloud, Trello, Astute Graphics, Airtable and many more to create plugins on Adobe XD.
All these will enhance the designing experience globally. Consequently, this is likely to expand the customer base of Adobe by attracting more developers to its platform, driving its top-line growth.
Robust Product Portfolio — Key Catalyst
The company’s new and innovative products are experiencing robust demand. In order to sustain this demand, the company is putting strong efforts to expand product portfolio.
Adobe rolled out XD CC Starter plan for Adobe XD, which aids designers, teams and students to learn, build and apply their designing skills. It is available in Mac and Windows, mobile apps for iOS and Android.
Further, the company completed the buyout of Magento Commerce that offers cloud-based e-commerce content management system software. The deal will help Adobe to improve product offerings to both B2B and B2C customers globally and in varied industries.
Additionally, Adobe announced deep integration of Adobe Sign and new PDF with Microsoft Dynamics 365 to enhance the services offered by Adobe Document Cloud.
Consequently, the company is likely to continue to gain momentum in the market with its strengthening and innovative product portfolio.
Zacks Rank & Stocks to Consider
Currently, Adobe carries a Zacks Rank #3 (Hold).
A better-ranked stock that can be considered in the broader technology sector is Aspen Technology, Inc. (AZPN - Free Report) sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Aspen Technology is currently pegged at 16.52%.
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