Adobe (ADBE Quick QuoteADBE - Free Report) demonstrated a tremendous earnings report with record figures on both top and bottom lines, yet its share price tumbled. Its thriving subscription-based revenue has been powering tremendously consistent topline growth, with financial visibility that justifies it's otherwise outrageous 50x P/E.

Management raised its guidance, which catalyzed a slew of upwardly revised EPS estimates across every timeline and pushed ADBE into a Zacks Rank #2 (Buy). Despite the outstanding report, investors pulled profits, and with the recent weakness in tech, we've seen the stock slide over 10% in just one week.

The compelling growth narrative that this leading cloud player has been able to manufacture in recent years has made ADBE a buy at almost any valuation. ADBE is now trading 14% off its all-time high, and I see this as an excellent buying opportunity to start or add to a position.