Adobe shares preview: price could climb higher amid sunny Q2 earnings

The Adobe share price has continued to climb this week and could hit an all-time high ahead of its Q2 earnings, due to be released on 17 June. Analysts are hopeful that a positive report will spur on already climbing Adobe shares.

  • The Adobe share price has risen 8% in the past week
  • Adobe shares hit $555.00 when markets opened on 15 June
  • Q2 earnings report will be released on 17 June
  • Report is expected to show YOY profits of $3.73 billion
  • Ready to trade the Adobe share price? Open an account today

Why the excitement over the Adobe share price?

The US software developer and Silicon Valley titan Adobe has seen its share price climb steadily this week ahead of the release of its 2021 Q2 earnings report, due to be published on 17 June. The report is expected to reveal that Adobe revenue has grown by 19% YOY, totalling $3.73 billion and thus signifying one of the best years ever for the company.

Adobe has been buoyed by Covid-19 pandemic-era success and the WFH boom, which has seen demand for its suite of office and design products soar. The result is that the Adobe share price could very well reach its highest level ever, with Morgan Stanley predicting shares to hit $575, with a potential high of $698 before the end of 2021 - overtaking the peak near last year's Q3 results by some considerable amount.

A good year ahead for Adobe shares?

While Adobe has gone from strength to strength over the past 12 months, the long-term prospects for the Adobe share price are not guaranteed to be positive. For one, the key source of demand for Adobe products, the work-from-home boom, appears to be coming to an end in core markets such as North America and Western Europe.

In addition, a number of hedge funds have actually been selling Adobe shares in recent weeks, with a lower number of top-tier funds holding Adobe positions than at any other point this year so far. Adobe is also one of the most expensive major tech stocks on the market right now, priced at considerably higher levels than Apple or Microsoft. Whether this means that Adobe stock is overpriced remains to be seen.

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