Adobe shares illustrate gains on strong Q1
Shares of software maker Adobe jumped almost ten percent on Friday, as investors rewarded the company for strong financial results.
Adobe stood out in an otherwise down tech sector gaining $3.58 per share to close at $39.85. Its jump came one day after Adobe posted stronger than expected first quarter results and raised its outlook for 2004. In its first quarter, Adobe reported revenue of $423 million - a 43 percent year-on-year increase. The company is looking for $1.5 billion in revenue - a 15 percent year-on-year rise - for 2004.
Shares of Adobe had been fairly stagnant this year despite optimistic news from management. Executives have cited strong sales of its Creative Suite - a PhotoShop and Illustrator package - and InDesign as drivers of recent success.
On Friday, both Smith Barney and Prudential raised their ratings on Adobe to "buy" and "overweight," respectively.
Adobe is still well below its 52-week high of $46.38. $reg;