The first quarter of the fiscal year 2021 for Adobe Inc. (NASDAQ: ADBE) showed a strong performance. The Adobe Inc. continues to grow at a fast rate despite being a large enterprise in the publishing business. In Wednesday’s trading sessions, Adobe Inc. (ADBE) has made intraday highs of $465.61 and lows of $448.34. It started the day at $451.51. Stock trading volume on Wednesday was 5.21 million.
Adobe Inc.’s (ADBE) revenue increased $3.91 billion for the quarter ended March 5, growing 26 percent year-on-year. GAAP profit for the digital media segment increased by 33 % to $2.61 per share, while the segment generated $ 2.86 billion in revenue. Cash flow from operating activities amounted to $1.77 billion. The ADBE stock has reversed its share purchase program by buying 1.9 million shares.
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It is not surprising to see high demand for Adobe’s solutions. Individuals, students, and large enterprises worldwide refer to Adobe’s Creative Cloud, Document Cloud, and Experience Cloud solutions. Additional growth factors were the high sales of software. Adobe recorded double-digit rises in all its key businesses.
Several financial indicators are expected to continue their upward trend, making the company’s financial outlook better. At the end of the upcoming fiscal year, Adobe expects revenue to reach $ 15.45 billion, whereas earlier forecasts were $ 15.15 billion. The company increased the earnings forecast by $ 11.85 per share.
The stock of Adobe Inc. (ADBE) has been rated by Credit Suisse as an Outperform. The firm recently published a research note stating that it expects the stock to achieve a $575 price target by the end of 2021. A report has also been posted on the action of Adobe Inc. (ADBE) stock by analysts on Wall Street.