Adobe Systems Inc. (NASDAQ: ADBE) had its price target boosted by equities researchers at Pacific Crest from $110.00 to $122.00. With a rating of Overweight on the stock, the company has a 52-week high of $108.22. A number of other analysts have issued reports on the stock recently, and Adobe Systems Inc. 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, 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 traded hands yesterday, higher than normal. Heavy volume aggregation by institutional investors may be on the horizon as the combination of significant gains in trading volume and price inflation can be indicative factors.
While higher 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 delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts that research thousands of stocks, so it is good corroboration to see them buying a stock you are considering.
By following the activity of these professional investors—and the moving averages they influence— traders are able to make make well planned trades.
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.
Earnings growth is an important factor to look at when investing in stocks and investors watch for companies that have been successful at growing their earnings by at least 25% over 3 consecutive years.
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