Adobe stock has fallen more than 50% in the last year. The market reacted too negatively to the $20 billion acquisition of Figma. The company still has a solid balance sheet and a wide moat. Adobe can deliver very attractive returns to long-term investors at the current valuation. Adobe's stock has fallen more than 50% in the last year. The main reasons are the current bad macroeconomic situation and the very high valuation at which Adobe was trading at an all-time high.