Adobe reported a record third quarter revenue of $6.76 billion, up 13%, with non-GAAP earnings rising 15% to $6.13 per share and a strong 44% operating margin. Despite these gains, Adobe's stock fell due to a 36-37% decline in net new annual recurring revenue and only an 8% increase in remaining performance obligations, attributed to a strategic shift towards a freemium model. This pivot has grown creative freemium users by 70% to over 100 million and monthly active users beyond one billion. Adobe shares trade at a forward price-to-earnings ratio of 10.3, below the sector median of 22.46, leading the analyst to initiate a Buy rating.
Adobe shares are trading at USD 258.00 on Pluang as of Sep 14, 2026 19:12 WIB, which is closer to its 52-week low of USD 193.41 than its high of USD 367.46. Despite the recent 2.29% gain in a single day, the stock remains well below its peak within the past year. This contrasts with its forward price-to-earnings ratio of 10.3, which is notably lower than the sector median, highlighting a valuation gap relative to its technology peers.
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