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Adobe’s stock is currently trading at 309.41-higher by 8.56% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 8.68%. The stock has pared some of its earlier gains after the opening bell.
In recent news, Adobe reported its earnings after the market close on Thursday. The software company also gave an early indication of how the software sector could be affected by the growing pneumonia-causing virus crisis.
The California-based company’s net income rose to $955 million, or $1.96 a share, in the first quarter ended 28th February, from $674 million, or $1.36 per share, a year earlier. Adobe brought in $3.09 billion in revenue for the first quarter. The revenue was above the consensus estimates of $3.05 billion.
The software maker earned an adjusted $2.27 per share for its latest quarter, beating market expectations by four cents. Adobe forecasts revenue of $3.175 billion for the second quarter. The revenue estimate was below the market expectation of $3.22 billion. Stocks of the software company have fallen about 14% Year-to-date.
On the technical front, the RSI is currently at 40.95% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 308.40 TAKE PROFIT AT 316.40 STOP LOSS AT 304.40