Adobe Stock Dips 3.19% as Citigroup Holds Neutral Amid Strong Financials

Adobe Inc. recently experienced a 3.19% drop in its stock price as of March 10. Despite this market reaction, Citigroup has maintained its neutral rating for Adobe, with a revised price target of $490.00 per share. The company's financial performance remains robust, as evidenced by its fiscal 2024 annual report, which details a revenue of $21.505 billion and a net income of $5.560 billion as of November 29, 2024. This translates to a basic earnings per share of $12.43.

Originally incorporated in California in October 1983, Adobe re-incorporated in Delaware in May 1997. It stands as one of the largest and most diversified software corporations globally. The company offers an array of products and services tailored for a diverse clientele including creative professionals, marketers, knowledge workers, students, application developers, enterprises, and consumers. Adobe's offerings facilitate the creation, management, delivery, measurement, optimization, engagement, and processing of compelling content and experiences across personal computers, devices, and media.