Adobe Systems (ADBE) stock sank Wednesday after the digital media software company forecast fiscal 2016 sales and profit below estimates. Late Tuesday at its annual analyst meeting, Adobe said it expects fiscal 2016 revenue of about $5.7 billion, well below the average estimate of $5.93 billion among analysts polled by Thomson Reuters. Adobe also forecast an adjusted profit of $2.70 per share, vs. Wall Street’s target of $3.19. Adobe’s fiscal 2016
Adobe Systems (ADBE) stock is near an all-time high, but still has room to run, Rosenblatt Securities analyst Kirk Adams said in a research note Thursday. Adobe stock hit a record high of 87.25 on Aug. 18. Shares fell a penny shy of 86 on Wednesday, but in morning trading in the stock market today, Adobe was down 1.5%, near 84. Adams reiterated his buy rating on the digital media software company, with a price target of 112. Adobe stock surged
High-rated tech stock Adobe Systems (ADBE) and a pair of biotechs lead IBD’s Stocks On The Move going into Wednesday. On a tough Tuesday with the S&P 500 Index down more than 1%, Adobe lifted 1.61% in high volume, an indicator that institutional investors are likely buying. The company makes Photoshop and other Creative Cloud software for graphics and video, and other software. It delivered better-than-expected quarterly earnings last week, though