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Best Growth Stocks To Buy Today – Adobe (NASDAQ: ADBE)

Amelia Young by Amelia Young
August 6, 2022
in Adobe, Best Stocks to Buy
0

Home » Best Growth Stocks To Buy Today – Adobe (NASDAQ: ADBE)

It is one of the world’s most valuable companies due to the majority of its revenue coming from customer licensing fees. A director at Adobe purchased approximately 1,000 shares of ADBE in January at approximately $515 each.

Why is it an excellent stock?

After its Dec. 15 quarterly earnings report, Adobe (ADBE, $510.83) saw its shares tumble more than 10%. Cloud stocks have declined along with the rest of the market in 2022, so investors can still find some of the best ones at a discount.

A weaker-than-expected revenue outlook for the current quarter and full year caused Adobe’s earnings report to be reacted negatively. Positively, there were plenty of things to look forward to.

In ADBE’s fiscal fourth quarter, all its segments experienced double-digit revenue growth, including a 29% increase in its Document cloud division. Revenues of $4.1 billion for the quarter – up 21% from the same period last year – and $15.8 billion for the entire year (+23% YoY) were record levels. 

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Reason to avoid 

Throughout 2022, software stocks have plunged, and ADBE shares are down over 25% for the year. Although Adobe shares are currently at elevated valuation levels, they are low compared to their historical performance. In 2020, the company’s P/E ratio was expected to reach 66.3X, faster than its five-year median P/E ratio of 45.6X.

Technical analysis – Abobe (NASDAQ: ADBE)

Adobe shares are trading at 410.12, whereas ADBE’s 8-day simple moving average is 398.74, indicating a Buy signal. According to the 20-day SMA of Adobe, the stock price of ADBE is 387.28, making it a buy.

Adobe Inc (NASDAQ: ADBE) Stock Price & News
Amelia Young

Amelia Young

She established her career with The New York Times and shifted to The Wall Street Journal in 2017.

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