Adobe Systems ( ADBE ) stock jumped to an all-time high on Friday, a day after the company beat first-quarter views and raised its sales and earnings guidance for the year. Adobe shares leaped as much as 8.9% to a new high of 98 in early morning trading on the stock market today . By mid-morning trading, Adobe had trimmed the advance to about 5% to below 95. The digital media and marketing software firm late Thursday reported fiscal Q1 earnings per share of 66 cents, excluding items, on sales of $1.38 billion. Analysts polled by Thomson Reuters expected Adobe to report profit of 61 cents, ex items, on sales of $1.34 billion. On a year-over-year basis, non-GAAP EPS was up 50%, and revenue was up 25%. For its fiscal second quarter, Adobe is targeting EPS minus items of 67 cents on sales of $1.39 billion, based on the midpoint of guidance. Analysts were modeling 65 cents EPS minus items on sales of $1.39 billion. For the full year, Adobe now forecasts earnings of about $2.80 a share on a non-GAAP basis and sales of $5.8 billion. Investors are enthused about Adobe’s transition from desktop software to Internet cloud computing services. Adobe has three cloud computing businesses: Creative Cloud, Marketing Cloud and Document Cloud. The biggest is Creative Cloud, which includes software for creative professionals such as Photoshop, Illustrator and InDesign. Marketing Cloud provides online marketing and advertising services. Document Cloud leverages Adobe’s popular online document-sharing product Acrobat and its ubiquitous PDF format. UBS analyst Brent Thill reiterated his buy rating on Adobe stock but upped his price target to 114 from 105. Adobe is “reaping the fruit of a well-orchestrated playbook,” Thill said in a report. The company “is exiting the business model transition phase and entering the normalization phase.” Baird analyst Steven Ashley maintained his outperform rating on Adobe stock but raised his price target to 105 from 100. “Adobe continues to successfully broaden its market,” Ashley said in a report. “Over 30% of Creative Cloud customers are new to Adobe.” Adobe reported much-stronger-than-expected Creative Cloud subscriber growth of 798,000 new customers vs. the consensus forecast of 608,000 in fiscal Q1, which ended March 4. Pivotal Research Group analyst Brian Wieser maintained his buy rating on Adobe stock but bumped up his price target to 109 from 105. Adobe’s Q1 results “demonstrated ongoing growth from existing customers and market expansion from new ones,” Wieser said in a report. RBC Capital Markets analyst Ross MacMillan kept his outperform rating on Adobe stock, but he raised his price target to 104 from 101. “Valuation (is) the only question here, but with estimates moving up and higher recurring visibility, we remain (at) outperform,” he said in a report. Oppenheimer analyst Brian Schwartz reiterated his perform rating on Adobe stock. “We view Adobe as a well-established franchise,” Schwartz said in a report. “Our perform rating on ADBE is based solely on valuation, as we think it fairly prices in sustained strong growth and earnings power for the business” over the next 12 months. Credit Suisse analyst Philip Winslow maintained his neutral rating on Adobe but increased his price target to 85 from 70. “Although Creative Cloud has effectively increased annual revenue per user versus the prior perpetual licensing model, we believe much of this enthusiasm is captured in Adobe’s current valuation,” Winslow said in a report. “Therefore, we will monitor Adobe’s ability to (1) attract new users, (2) increase Creative Cloud pricing, (3) expand operating margins ahead of expectations, and (4) continue to expand into the digital marketing market before turning positive on Adobe’s stock.” Annualized recurring revenue in Adobe’s core Digital Media segment grew to $3.13 billion last quarter, an increase of $246 million. Adobe now expects to exit fiscal 2016 with Digital Media annualized recurring revenue of about $4 billion. That’s up from its prior target of $3.875 billion.