Adobe continues gains for seven straight sessions

Adobe (NASDAQ:ADBE) shares continued gains for seven straight sessions, as the stock closed 0.4% up at $570 on Wednesday, its highest since March this year.

The Photoshop maker gained nearly 8% in the preceding six sessions. The stock has lost about 5% so far this year, compared to the nearly 16% rise in the broader S&P 500 Index.

San Jose, Calif.-based Adobe is up 29% over the past one month. The stock closed 1.4% higher on Tuesday at $567.71.

Adobe, in June, delivered an upbeat forecast for the year on top of strong second-quarter results, with Q1 revenue surging over 10% y-o-y.

Looking at Seeking Alpha’s Quant Rating, ADBE has a Strong Buy rating with a score of 4.66 out of 5. The company received A+ in the prospect of profitability and a D+ in valuation.

Turning to the Wall Street community, 27 analysts gave ADBE a Buy and above. Eight analysts have given the stock a Hold recommendation, and three recommended Sell or lower.

Seeking Alpha analysts are also bullish and see the stock as a Buy.

“Despite regulatory challenges and competition, ADBE’s strong performance and demand for AI tools support a bullish outlook, with a price target upgrade,” pointed out Seeking Alpha analyst Vinay Utham.

Earlier this week, Deutsche Bank also added the creative software maker to its Fresh Money list, citing its recent better-than-expected quarterly results.

The Federal Trade Commission, in June, said it has filed a lawsuit against Adobe and two of its executives over the software maker’s subscription plans practices. However, the company said it will refute the FTC’s claims in court.