California based Adobe Inc. shares slid 0.26% to $574.23 Wednesday. This proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.11% to 4,241.84 and Dow Jones Industrial Average DJIA falling 0.21% to 33,874.24.
Adobe Inc. closed $2.08 below its 52-week high ($576.31), which the company reached on June 22nd.The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Microsoft Corp. MSFT fell 0.09% to $265.28, Salesforce.com Inc. CRM fell 0.52% to $241.84, and SAP SE ADR SAP fell 1.79% to $138.71.
California based Adobe inc trading volume (1.6 M) remained 561,829 below its 50-day average volume of 2.1 M.The stock’s fall snapped a four-day winning streak. Adobe’s Digital Media revenue rose 25% year over year to $2.79 billion during the quarter. This segment generates most of its revenue from the Creative Cloud segment, which houses Photoshop, Illustrator, Premiere Pro, and other apps as cloud-based subscription services.
They expect its revenue and earnings to rise 22% and 21%, respectively, for the year. Next year they expect its revenue and earnings to grow 15% and 14%, respectively. Based on those estimates, Adobe trades at 40 times forward earnings and 17 times this year’s sales.