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The company is trading at $73.39. The stock is up over 8% since it announced its second-quarter figures in June, in which the revenue narrowly exceeded estimates but the EPS easily beat analysts’ expectations. Adobe posted a jump in revenue in the second-quarter, and that was the first increase in six quarters.
The company owns the well-known program Photoshop, among others. It has also added 464,000 customers for its Creative Cloud business seeing the client base now standing at just over 2.3 million, with a target of 4 million clients by the end of 2015. The Creative Cloud business receives monthly subscriptions rather than an upfront payment, and now Adobe Systems is starting to see a more constant revenue stream.
Equity analysts are bullish on the stock. Out of the 24 recommendations, 13 are buys, eight are holds while just three are sells.
The stock is receiving support at the 50-hour moving average of $72.42, and hit a record-high of $74.68 in June. If the company is still on track to reach its Creative Cloud client target, it could hit $78.