Adobe dropped by 0.87% and closed the session at $358.17

Published: January 26 2023, 04:05 GMT+0

Adobe dropped by 0.87% and closed the session at $358.17

A quick look at yesterday: a tough session dominated by bearish sentiment left Adobe $3.15 lower, while setting a $350.61 to $359.73 session range.

  • The volume of trade was 2.24 million shares, close to the daily average of 2.24 million shares.

With around 10 hours until market open on the NASDAQ, yesterday's session saw to it that S&P 500 remained muted for the duration of yesterday's session but closed lower around 4,016.22. Nasdaq dropped by 0.18% to close at 11,300. Adobe is flat, while the Technology sector seems to be doing slightly worse (-0.003%).

This year has been a bright one for the digital media software company after trading as low as $275.2 and going on to appreciate by 7.24% year to date. So far this year, it has been doing worse than the Nasdaq by 0.93%. The digital media and marketing software company's market cap currently stands at $163.97 billion with an average daily trading volume of 2.24 million shares. $4.53 billion was Adobe's last reported revenue with $2.78 being the current EPS.

Adobe was not the only decliner in the technology sector; TSM went down to $92.41, losing 2.27% after it closed at $94.56 yesterday. Texas Instruments went down 1.13%, closed at $177.04.

On the other hand, positive performances could be seen by looking at other technology stocks as ASML Holding traded at $681.53 after closing yesterday's trading day at $670 (up 1.72%).

It's worth noting that Shantanu Narayen, director, Chairman and CEO of Adobe, cut down their holdings in the company Friday by selling 15,000 shares for $346.58 (transaction value of $5,199,152).