Adobe Systems Inc. (NASDAQ: ADBE) had its price target boosted by equities researchers at Goldman Sachs Group Inc. from $104.00 to $112.00. The company currently has a rating of Neutral on the shares. The one-year price target of $112.92 is above the opening price of $106.54, causing a fair amount of other analysts to issue statements on the company in recent days. Looking back over the last year, 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 trading between $105.80 and $108.22, and last traded at $107.78, which represents an increase of $7.16 from the previous closing price.
Adobe Systems Inc. (NASDAQ: ADBE) currently has a market cap of 53.71B.
The stock’s average daily volume is 2,379,350 shares out of a total float 496,372,000 and some 8,764,529 shares crossed the trading desk yesterday, higher than the norm. Substantial gains in trading volume and price appreciation together could indicate considerable volume accumulation by institutional investors.
While higher trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have 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 educated 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 critical 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 the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.