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California Based Adobe Inc Shares Crashes

California based Adobe Inc. shares increased 0.58% higher to $612.26 Wednesday. This proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX rising 0.82% to 4,358.69 and the Dow Jones Industrial Average DJIA rising 0.83% to 34,798.00.

Adobe Inc. closed $0.49 below its 52-week high ($612.75), which the company reached on July 20th. The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Microsoft Corp. MSFT rose 0.74% to $281.40, Salesforce.com Inc. CRM rose 0.83% to $242.11, and SAP SE ADR SAP fell 3.64% to $138.86.

Adobe Inc trading volume (1.3 M) remained 721,429 below its 50-day average volume of 2.1 M.This was the stock’s second consecutive day of gains. In the Q2 2021 investor letter of Richie Capital Group, the fund mentioned Adobe and discussed its stance on the firm. Adobe Inc. is a San Jose, California-based computer software company that has a $289.8 billion market capitalization.

ADBE delivered a 21.63% return since the beginning of the year, extending its 12-month revenues to 36.92%. The stock closed at $602.05 per share on July 19, 2021. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. Adobe ranks 16th in our list of the 30 Most Popular Stocks Among Hedge Funds. Adobe Inc. was in 107 hedge fund portfolios at the end of the first quarter of 2021, compared to 114 funds in the fourth quarter of 2020. ADBE delivered an 18.20% return in the past 3 months.

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