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Adobe Systems: Cloud Success Sends Shares To New Highs

|Includes: Adobe Systems Incorporated (ADBE)

Last night, Adobe Systems (NASDAQ:ADBE) reported record revenues for Q4 ($1.1billion) and for fiscal 2012 ($4.4 billion). Adobe has been transitioning its business to the Cloud and this strategy appears to be paying off as subscriptions for Creative Cloud increased to 10,000 per week for Q4, up from 8,000 per week last quarter and revenues from Marketing Cloud increased 32% to $220 million.

Management believes that they are ahead of schedule in their transition to the cloud and clearly investors liked the news as shares in Adobe are trading up 6% to $37.60 after hitting an intraday high of $38.10

The daily chart is also telling us that investors like the earnings and news coming out of the company. With today's price action, on above normal volume, Adobe has broken out of the channel it had been trading in for the last 5 months. I look for a pull back to $36 on light volume as an opportunity to buy Adobe before it takes off for the clouds.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.