Adobe Systems Incorporated (NASDAQ: NASDAQ:ADBE)
Adobe Systems Incorporated (ADBE), a global diversified software company yesterday reported their fiscal second quarter 2017 financial results. The company reported second quarter earnings of $374.4 million.
ADBE reported second quarter adjusted earnings of $1.02 per share which beat analyst expectations of $0.94 per share. Adobe reported second quarter revenues of $1.77 billion which beat analyst expectations of $1.73 billion.
Adobe Systems Incorporated CEO and CFO Comments
“Digital transformation continues to be the burning agenda for creative professionals, enterprises, governments and educational institutions,” said Shantanu Narayen, president and CEO, Adobe. “Adobe is the go-to company for creating world-class digital customer journeys from design to delivery to measurement and monetization.”
“Adobe continues to execute well, with another quarter of record revenue and operating profit in Q2,” said Mark Garrett, executive vice president and CFO, Adobe. “We’re excited about the strong business momentum we have as we enter the second half of fiscal 2017 and remain confident in our ability to drive strong revenue and earnings growth in the future.” Business Wire
ADBE Technical Analysis
ADBE opened trading yesterday at $141.21 which was up from the previous day’s trading close of $140.35. ADBE closed trading yesterday at $140.91 and spiked up after market to $146.00, equivalent to a 4% increase from the closing price. Taking a look at the daily chart we can see that with gap up we are now in un-chartered territory as ADBE is now trading at all time highs.
Taking a closer look at the daily chart we can see that before the spike up ADBE had already been in an overall upward trend dating back to December 30th, 2016 when it traded at $102.95. ADBE has a float of 493.07 million shares and traded 1.83 times the normal daily trading volume on Tuesday.
For day trading purposes, I would like to see ADBE open trading on Wednesday above $144.30 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. This segment’s flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
This segment serves traditional content creators, Web application developers, and digital media professionals, as well as their management in marketing departments and agencies, companies, and publishers. The company’s Digital Marketing segment offers solutions for how digital advertising and marketing are created, managed, executed, measured, and optimized.
This segment provides analytics, social marketing, targeting, advertising and media optimization, digital experience management, cross-channel campaign management, and audience management solutions, as well as video delivery and monetization to digital marketers, advertisers, publishers, merchandisers, Web analysts, chief marketing officers, chief information officers, and chief revenue officers.
Its Print and Publishing segment offers products and services, such as eLearning solutions, technical document publishing, Web application development, and high-end printing, as well as publishing needs of technical and business, and original equipment manufacturers (OEMs) printing businesses.
The company markets and licenses its products and services directly to enterprise customers through its sales force, as well as to end-users through app stores and through its Website at adobe.com. It also distributes products and services through a network of distributors, value-added resellers, systems integrators, independent software vendors, retailers, and OEMs. The company was founded in 1982 and is headquartered in San Jose, California.