Growth rate is half of the forward PE. STock is overvalued by 100% today. Stock will get cut in half sometime when the music stops. Right now its riding on analyst estimates beat. This is a game where if you beat estimates your stock can go up even if the discounted cash flow makes zero sense. You could have zero growth and go up for years simply if analysts keep estimating under what you report at. Again at some point this game ends.
Adobe is a company that trades on technicals and analysts beat and lower game. Time to take profits and look elsewhere