Photo by Free-Photos on Pixabay Adobe (ADBE) trades near $252, about 31% below its 52-week high, and the past week alone took 11.7% off it. Over the trailing twelve months the stock has lost 28% while the S&P 500 gained about 19%. That underperformance wasn't driven by broad market weakness. Adobe decided to stop putting an immediate paywall in front of its newest users, and that is what makes this fall hard to size. Why Did Adobe Stop Sending New Users Straight To A Paywall? In June 2026, the company deferred previously planned Creative Cloud price hikes and leaned harder into free web versions of Firefly, Express, and Acrobat.
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