Adobe (ADBE) Stock Down 26% YTD as Options Data Signals Institutional Resilience

Adobe (ADBE) shares have declined 26% year-to-date and nearly 42% over the past 52 weeks, triggering a "Strong Sell" technical rating. Despite bearish options flow showing a net sentiment deficit of over $223 million on Feb. 19, indicators suggest institutional investors are not aggressively hedging against further downside. The recent selling pressure was concentrated in put options that expired Feb. 21, effectively clearing immediate sentiment headwinds. Volatility skew remains subdued, signaling that "smart money" participants lack urgency for tail-risk protection. Black-Scholes modeling projects a price range between $233.42 and $283.80 by the March 20 expiration, with historical seasonal data suggesting potential recovery in March.