Down 42% in 2022, Is Adobe a No-Brainer Stock in 2023 and Beyond?
Businesses of all sizes depend on Adobe's (NASDAQ: ADBE) products daily, with more than 90% of creative professionals relying upon the company's Photoshop product. Getting a bit more granular, Adobe securely captured more than 8 billion digital signatures last year through its Adobe Document Cloud program. In addition, the company is beefing up its offerings by acquiring Figma, a popular emerging collaborative design application. All of this is a large part of why Adobe is one of the world's leading software companies.
But Adobe stock has had a rough time in 2022, with it down 42% year to date. The broad-market sell-off, along with an adverse reaction to its Figma acquisition and the tech bubble in 2020 and 2021, contributed to the drop. Did the stock hit bottom at $275 per share earlier this year? Possibly, but short-term market fluctuations are unpredictable. The long-term opportunity is clear, however.
Source Fool.com
