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, Salesforce.com Inc. CRM fell 0.72% to $248.44, and SAP SE ADR SAP rose 4.22% to $147.69.
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.