Adobe Systems Inc. (NASDAQ: ADBE) had its price target increased by equities researchers at Cowen and Company from $115.00 to $120.00. Cowen and Company currently has a rating of Outperform on the shares. The one-year price target of $112.92 is above the opening price of $106.54, resulting a fair amount of other analysts to report on the company in recent days. Looking back over the last 52 weeks, Adobe Systems Inc. stock has a high of $108.22.
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, an increase of $7.16 from the previous closing price.
Adobe Systems Inc. (NASDAQ: ADBE) now has a market cap of 53.71B.
8,764,529 shares traded hands yesterday, higher than the average, out of a total float 496,372,000. Large expansions in trading volume and price appreciation together could indicate considerable volume accumulation by institutional investors.
While an increase in trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks expresses a positive cue to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts that research thousands of stocks, so it is good confirmation to see them buying a stock you’re researching.
By marking the activity of these professional investors and how they influence moving averages, traders are able to make make well planned trades.
Trades for Adobe Systems Inc. (NASDAQ: ADBE) have ranged from $71.27 – 108.22, and the stock now has a 50-day MA of $100.78 and 200-day MA of $96.58. Today’s last price is 0.00% under 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 look for companies that have increased their earnings by at least 25% for the past 3 years.
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