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Adobe Stock Price Is Shining Amid Rosy Outlook

Adobe stock price

Adobe (NASDAQ: ADBE) stock price surged to a new all-time high of $340 following solid fourth-quarter results and a strong outlook for the next year. In addition, the price target hikes from prominent rating firms added to investor’s sentiments.

The market analysts are expecting ADBE share price to sustain the upside momentum despite a sharp share price appreciation in the past twelve months.

ADBE Adobe Inc. daily Stock Chart

Adobe stock price rose 43% in fiscal 2019. Its shares are trading at attractive valuations. This is because of its robust financial growth. ADBE share price is trading around 34 times to earnings and 14 times to sales.

Strong Financial Growth is Supporting Adobe Stock Price

The company has generated record revenue in fiscal 2019 on the back of substantial growth from the digital media segment – which grew 22% year over year. Its consolidated revenue hit $11 billion mark for the first time in history.

Adobe delivered another year of strong revenue growth and expanding profitability resulting in record earnings,” said John Murphy, executive vice president, and CFO, Adobe. “We are bullish about our opportunities and our ability to continue to deliver strong top- and bottom-line growth.”

Its earnings also stood at a record level in fiscal 2019. Adobe’s operating earnings increased 23% year over year in fiscal 2019. Moreover, the company’s cash generation potential permits it to invest in organic and inorganic growth opportunities. The software and services company generated a record $4.42 billion in operating cash flow during the year.

Rosy Outlook Is Adding to Sentiments

Besides 2019 performance, Adobe appears in a position to extend the financial growth in 2020. The company expects to break previous records this year. It expects to generate revenue in the range of $13.15 billion this year, up substantially from revenue of $11 in 2019. The earnings are also likely to grow at a double-digit rate. Overall, the financial growth and bullish sentiments would help Adobe stock price in extending the upside momentum.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.