ADBE Stock Summary and Trading Ideas (Adobe | NASDAQ:ADBE)

Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing,g and engaging with compelling content multiple operating systems, devices, and media. The company operates with three segments: digital media content creation, digital experience for marketing solutions, and publishing for legacy products (less than 5% of revenue).

Adobe trades on the NASDAQ stock market under the symbol ADBE.

As of July 26, 2024, ADBE stock price climbed to $542.44 with 1,854,575 million shares trading.

ADBE has a beta of 1.52, meaning it tends to be more sensitive to market movements. ADBE has a correlation of 0.30 to the broad based SPY ETF.

ADBE has a market cap of $240.52 billion. This is considered a Mega Cap stock.

Last quarter Adobe reported $5 billion in Revenue and $4.48 earnings per share. This beat revenue expectation by $19 million and exceeded earnings estimates by $.09.

In the last 3 years, ADBE stock traded as high as $699.54 and as low as $274.73.

The top ETF exchange traded funds that ADBE belongs to (by Net Assets): VTI, VOO, QQQ, SPY, IVV.

ADBE has underperformed the market in the last year with a price return of +3.3% while the SPY ETF gained +21.0%. However, in the short term, ADBE had mixed performance relative to the market. It has outperformed in the last 3 months, returning +14.6% vs +8.5% return in SPY. But in the last 2 weeks, ADBE shares have been beat by the market, returning -2.7% compared to an SPY return of -2.2%.

ADBE support price is $524.53 and resistance is $539.77 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that ADBE stock will trade within this expected range on the day.