Adobe Systems Inc. (NASDAQ: ADBE) had its price target increased by equities researchers at Morgan Stanley from $100.00 to $110.00. With a rating of Equal Weight on the stock, the company has a 52-week high of $108.22. The one-year price target of $112.92 is above the opening price of $106.54, that has caused a fair amount of other analysts to comment on the company recently.
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, a jump of $7.16 compared to the previous closing price.
Adobe Systems Inc. (NASDAQ: ADBE) now has a market cap of 53.71B.
8,764,529 shares traded hands yesterday, above the average, out of a total float 496,372,000. Considerable volume accumulation by institutional investors may be in the near future as the combination of significant increases in trading volume and price inflation can be indicative components.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a series 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.
Institutional investors such as these have teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re considering.
By following the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on 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% lower than the 52 week high of $108.22.
Earnings growth is a critical factor to research when investing in stocks and investors watch for companies that have increased their earnings by at least 25% for a 3 year period.
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.