Market Update (NASDAQ:ADBE): More Squawk From Jim Cramer: ‘I Think Adobe (ADBE) Stock Goes to $100’

[at TheStreet] – Jim Cramer points out that Adobe (ADBE) stock is rallying to new highs this morning on an earnings beat after dropping ‘like a stone’ on Tableau Software’s (DATA) earnings. Read more on this. Adobe Systems Incorporated (ADBE) , currently valued at $47.11B, began trading this morning at $97.96. A quick look at the market, the company’s stock traded between $93.11 and $98.00 and has traded between $71.27 and $98.00 over the past year. ADBE shares are currently priced at 32.59x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 16.79x forward p/e ratio. Consensus earnings for the current quarter by the 24 sell-side analysts covering the stock is an estimate of $0.65 per share, which would be $0.17 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $2.76, which would be a $0.68 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $1.39 Billion. If reported, that would be a 19.83% increase over the year-ago quarter. Recently, Dougherty & Company Initiated ADBE at Buy (Jan 14, 2016). Previously, Oppenheimer Initiated ADBE at to Perform. The average price target for ADBE shares by the analysts covering it is $102.70, which is 4.84% above where the stock opened. See more in (NASDAQ:ADBE) Similar Articles: Company Update (NASDAQ:ADBE): Adobe CEO tells Cramer: Our reach is global Company Update (NASDAQ:ADBE): Jim Cramer’s Top Takeaways: Adobe, Signet Jewelers, Ventas Market Update: Adobe Systems Inc (NASDAQ:ADBE) – Adobe Systems (ADBE) Stock Price Target Cut at Credit Suisse