Image from Pixabay Adobe (ADBE) says its freemium creative apps now draw more than 100 million monthly active users, a base up over 70% in a year. Management chose to chase that growth rather than take the "short term relief" that pricing actions might have delivered. Over the same stretch, the shares lost 28% in the year to September 11. At 14 times net income for the four quarters through May, the stock sells for less than half its three-year average multiple of 30.8. Operating income kept growing. It reached $9.1 billion for the four quarters through its second fiscal quarter, up from $8.2 billion a year before. At its old multiple, the same net income would put the stock above $500, more than double today's price.
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