Adobe Inc (NASDAQ:ADBE) stock is surging Thursday. The upward movement follows a sector-wide relief rally in enterprise software. The rally was sparked by Salesforce Inc (NYSE:CRM), which reported second-quarter fiscal 2027 financial results after the close on Wednesday. The Nasdaq is up 1.19% while the S&P 500 has gained 0.73% and Technology is leading all sectors with a 2.84% gain.
Salesforce posted revenue of $11.35 billion, beating consensus estimates of $11.32 billion. Adjusted earnings reached $5.90 per share against $3.27 estimates. Total revenue rose 11% year-over-year.
Separately, on Wednesday, BofA Securities maintained an Underperform rating on Adobe while raising its price forecast to $220.
Technical Analysis
From a trend perspective, ADBE is back in a constructive spot: it’s trading 8.5% above its 20-day SMA ($266.17) and 7.2% above its 200-day SMA ($269.36), which signals the rebound has regained intermediate control. It’s also 21.2% above the 50-day SMA ($238.27), showing how sharp the recovery has been since the June swing low.
