Published: November 22, 2025 — All figures as of the close on Friday, November 21, 2025.
Adobe Inc. (NASDAQ: ADBE) finished Friday’s trading session at $324.19, up 3.77% on the day, snapping a six‑day losing streak and outperforming the broader U.S. market. The S&P 500 gained 0.98% and the Dow Jones rose 1.08% over the same session. [1]
The rebound comes as investors digest Adobe’s $1.9 billion acquisition of Semrush, an expanding slate of AI-powered products, and the countdown to the company’s Q4 and full‑year 2025 earnings, scheduled for December 10, 2025. [2]
Adobe stock today: price snapshot for November 22, 2025
Friday’s move was notable both technically and in absolute terms:
- Closing price: $324.19
- Intraday range: High of $327.75, low near $311–312
- Daily gain: +3.77%
- Volume: roughly 4.8 million shares, around 20–22% above the recent average daily volume of ~3.9–4.2 million shares. [3]
Even after the bounce, Adobe remains deeply discounted versus its prior peak. The stock sits roughly 42% below its 52‑week high of $557.90, reached in December last year, and just above its recent 52‑week low around $312.09, touched on Thursday. [4]
On a trend basis, Adobe is still in a corrective phase: its 50‑day simple moving average (~$343.95) and 200‑day simple moving average (~$365.61) both sit well above Friday’s close, underlining how far the share price has retreated in 2025. [5]
Year to date, the stock is down more than 20–25%, with Reuters estimating a decline of over 27% as investors question how quickly Adobe can translate its AI leadership into accelerating growth. [6]
Semrush acquisition: betting $1.9 billion on AI-powered marketing
The biggest near‑term catalyst for Adobe’s share price narrative is its decision to buy Semrush, a brand‑visibility and SEO platform.
- Adobe will pay $12 per share in cash, valuing Semrush at about $1.9 billion, a roughly 77% premium to Semrush’s last closing price before the deal was announced. [7]
- The acquisition is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. [8]
Semrush’s tools help brands optimize search, social media and digital advertising, an increasingly critical layer in a world where visibility is mediated not only by web search, but also by generative AI assistants such as ChatGPT and Gemini. [9]
Adobe says integrating Semrush with Adobe Experience Cloud and its Firefly AI platform should help marketers understand and improve how their brands show up across search engines and AI chatbots, while feeding richer data into Adobe’s content and customer‑journey tools. [10]
Wall Street reaction has been mixed:
- Some analysts argue the price is “steep” given Semrush’s current revenue scale, viewing the deal as a long‑term strategic bet rather than an immediately accretive acquisition. [11]
- Early coverage noted that Adobe shares initially fell on the Semrush news, reflecting investor concern about integration risk and the timing of a big deal during a stock slump. [12]
Friday’s rebound suggests at least some traders are now buying the dip on the assumption that the Semrush platform, layered onto Adobe’s data and AI stack, can enhance the company’s competitive moat in digital marketing over the next few years.
AI still drives the long‑term Adobe story
Beyond M&A, the core long‑term thesis around Adobe stock remains its aggressive push into generative AI across Creative Cloud and Experience Cloud.
Firefly and Project Moonlight
At Adobe MAX 2025 in late October, the company unveiled a broad slate of AI updates: [13]
- New Firefly models for images, video and design, including studio‑quality generative audio and video tools.
- Generate Soundtrack and Generate Speech, which automatically create music and voiceovers with controllable style and emotion. [14]
- A browser‑based, multi‑track Firefly video editor that lets users combine video, audio and images driven by natural‑language prompts. [15]
- AI assistants embedded in Photoshop and Adobe Express, plus a deeper integration with OpenAI’s ChatGPT, allowing Adobe tools to be accessed via conversational interfaces. [16]
- Project Moonlight, an AI “creative director” that orchestrates social‑media campaigns across multiple formats using data from users’ linked social accounts. [17]
Adobe has also been steadily expanding AI features directly inside Creative Cloud, with official documentation for generative capabilities updated as recently as November 21, 2025. [18]
On the enterprise side, Firefly Foundry and partnerships like the HUMAIN collaboration to build AI models tuned for the Arab world underscore Adobe’s ambition to provide localized, on‑brand AI for large customers. [19]
Q3 2025 results: record revenue and AI-fueled guidance hike
The fundamental backdrop to Friday’s price move is still defined by Adobe’s strong Q3 fiscal 2025 results, reported on September 11, 2025:
- Revenue: $5.99 billion, up ~10–11% year over year, a new quarterly record.
- Non‑GAAP EPS:$5.31, up about 14% year over year, beating consensus estimates. [20]
- AI‑influenced annual recurring revenue (ARR): over $5 billion, with AI‑first product ARR (including Firefly and Acrobat AI Assistant) surpassing Adobe’s full‑year target of $250 million a quarter early. [21]
- Digital Media revenue: $4.46 billion, up 12% YoY, with Digital Media ARR rising 11.7% YoY to $18.59 billion. [22]
- Digital Experience revenue: $1.48 billion, up around 9–10% YoY, with subscription revenue in that segment up 11%. [23]
On the back of this performance, Adobe raised its full‑year 2025 outlook, guiding for:
- FY 2025 revenue: $23.65–$23.70 billion
- Adjusted FY 2025 EPS: $20.80–$20.85
- Q4 2025 revenue: $6.08–$6.13 billion
- Q4 adjusted EPS: $5.35–$5.40. [24]
Despite the beat‑and‑raise quarter, Adobe’s share price fell after Q3 earnings and has struggled since, as investors weigh competitive pressure in generative AI and fears that growth could slow from here. [25]
Next catalyst: Q4 2025 earnings on December 10
Adobe’s next major test will be its Q4 and full‑year 2025 earnings call, scheduled for Wednesday, December 10, 2025 at 2:00 p.m. Pacific Time. [26]
Heading into that event, markets are likely to focus on:
- AI monetization metrics
- Digital Media and Digital Experience momentum
- Net new ARR in Creative Cloud and Acrobat.
- Continued double‑digit growth in Digital Experience subscriptions as enterprises deploy AI‑driven content supply chains and marketing automation. [29]
- Commentary on Semrush and the marketing cloud
- How Adobe plans to integrate Semrush’s SEO and brand‑visibility data into Experience Cloud and Firefly services.
- Any early color on cross‑selling opportunities or expected revenue contribution timelines. [30]
With implied volatility elevated around earnings and options markets pricing multi‑percent moves, the December report is shaping up as a make‑or‑break moment for Adobe’s 2025 narrative. [31]
Wall Street’s view: cautious short term, constructive long term
Analyst sentiment on Adobe is constructive but no longer euphoric.
- MarketBeat data show a consensus rating of “Hold” with an average price target around $428.96, implying roughly low‑30s percentage upside from current levels. [32]
- StockAnalysis reports a “Buy” consensus with an average target near $456.52, suggesting potential upside of around 40% over the next 12 months. [33]
- MarketWatch lists an average target near $452.40 across more than 40 analyst ratings, with an overall “Overweight” leaning. [34]
- Wells Fargo recently maintained an “Overweight” rating but cut its price target from $470 to $420, reflecting both Adobe’s pullback and a more conservative outlook. [35]
Some research shops and commentators argue that the sell‑off has gone too far:
- Morningstar puts Adobe’s fair value estimate at about $560 per share, implying roughly 70% upside from recent levels and highlighting the company’s wide economic moat and recurring‑revenue base. [36]
- Articles from outlets such as Forbes and The Motley Fool have highlighted Adobe as a high‑quality growth name now trading at price‑to‑sales and forward P/E multiples well below its multi‑year averages, in some cases under 16× estimated 2025 earnings. [37]
From a valuation standpoint, MarketBeat calculates:
- Market cap: roughly $135–131 billion
- P/E ratio: around 19–20×
- PEG ratio: about 1.5
- Beta: ~1.5, indicating higher volatility than the market. [38]
What today’s move could mean for Adobe stock
Friday’s rally does not erase months of weakness, but it does change the short‑term technical picture:
- The bounce off 52‑week lows suggests buyers are finally stepping in near the $310–315 range. [39]
- Above‑average volume adds some credibility to the move, hinting at institutional participation rather than just retail noise. [40]
- However, with the stock still trading well below its 50‑ and 200‑day moving averages, the longer‑term trend remains down unless Adobe can string together more positive sessions. [41]
For optimists, Adobe is:
- A structurally important platform for creatives and marketers.
- Rapidly embedding AI across its product suite.
- Now available at valuations many long‑term investors haven’t seen in years. [42]
For skeptics, key concerns include:
- Intensifying competition in generative AI from nimble startups and tech giants. [43]
- Execution risk around the Semrush acquisition and broader M&A strategy. [44]
- The possibility that AI cannibalizes parts of Adobe’s own higher‑tier offerings instead of driving incremental spend. [45]
Bottom line
As of November 22, 2025, Adobe stock has staged a short‑term rebound but remains in deep correction territory, even as the underlying business posts record revenue and rising AI‑driven recurring income.
For investors tracking Adobe on Google News or Discover, the next big inflection point is the Q4 and full‑year 2025 earnings report on December 10. Between now and then, headlines around AI product adoption, Semrush integration, and any further analyst rating changes are likely to drive day‑to‑day volatility.
Disclaimer: This article is for information and news purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any securities. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.
References
1. www.marketwatch.com, 2. www.reuters.com, 3. www.marketwatch.com, 4. www.marketwatch.com, 5. www.marketbeat.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. news.adobe.com, 11. www.reuters.com, 12. www.investors.com, 13. news.adobe.com, 14. www.wired.com, 15. www.wired.com, 16. www.wired.com, 17. www.theverge.com, 18. helpx.adobe.com, 19. www.adobe.com, 20. www.adobe.com, 21. www.adobe.com, 22. www.adobe.com, 23. www.adobe.com, 24. www.adobe.com, 25. www.barrons.com, 26. www.adobe.com, 27. www.adobe.com, 28. www.adobe.com, 29. www.adobe.com, 30. news.adobe.com, 31. optioncharts.io, 32. www.marketbeat.com, 33. stockanalysis.com, 34. www.marketwatch.com, 35. www.gurufocus.com, 36. www.morningstar.com, 37. www.forbes.com, 38. www.marketbeat.com, 39. www.marketwatch.com, 40. www.marketbeat.com, 41. www.marketbeat.com, 42. www.reuters.com, 43. www.barrons.com, 44. www.reuters.com, 45. www.adobe.com
