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Adobe Inc Shares Surges

Adobe Inc. shares rose 1.49% to $605.77 Wednesday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.34% to 4,358.13 and the Dow Jones Industrial Average DJIA rising 0.30% to 34,681.79.

Adobe Inc. hit a new 52-week high, surpassing its previous peak of $600.66, which the company reached on July 6th. The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Microsoft Corp. MSFT rose 0.82% to $279.93, Inc. CRM fell 0.72% to $248.44, and SAP SE ADR SAP rose 4.22% to $147.69.

Adobe Inc trading volume (2.0 M) remained 83,434 below its 50-day average volume of 2.1 M.This was the stock’s third consecutive day of gains. Adobe Inc stock seems fairly valued at the moment according to my valuation model. It’s trading around 15.87% above my intrinsic value, which means if you buy Adobe today, you’d be paying a relatively reasonable price for it. The company’s true value is $511.86.

During the pandemic, the company managed to grow its shares and earnings by double digits. It is expected to grow in 2021 and 2022. The highest sales estimate is $3.88 billion and the lowest is $3.86 billion. Adobe posted sales of $3.23 billion during the same quarter last year, which would suggest a positive year over the year growth rate of 20.1%. The firm is expected to issue its next earnings results on Tuesday, September 21st.

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