Adobe Systems Inc. (NASDAQ: ADBE) had its price target boosted by equities researchers at Canaccord Genuity from $110.00 to $120.00. With a rating of Buy on the shares, the company has a 52-week high of $108.22. A number of other analysts have issued reports on the stock recently, and the company has earned a consensus one-year price target of $112.92, above the opening price of $106.54.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of Adobe Systems Inc. (NASDAQ: ADBE) opened at $106.54 yesterday and traded in a range between, $105.80 and $108.22, and last traded at $107.78, which represents a jump of $7.16 from the previous closing price.
Adobe Systems Inc. (NASDAQ: ADBE) currently has a market cap of 53.71B.
8,764,529 shares crossed the trading desk yesterday, higher than the norm, out of a total float 496,372,000. Significant expansions in trading volume and price appreciation together could mean heavy volume accumulation by institutional investors.
While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive signal to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts that investigate thousands of stocks, so it is good confirmation to see them buying a stock you are considering.
Traders are able to make make more impactful decisions on trades when they track the activity of professional investors.
With that in mind, Adobe Systems Inc. (NASDAQ: ADBE) now has a 50-day MA of $100.78 and 200-day MA of $96.58. It has traded in a 52-week range between $71.27 – 108.22 and today’s last price is 0.00% lower than the 52 week high of $108.22.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have been successful at growing their earnings by at least 25% for a 3 year period.
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