$ADBE daily pick (refresh Oct 21): sell Nov 20 $235 put (cash-secured)

$ADBE: I'm getting paid to wait for a lower entry.

Selling the Nov 20 $235 put for about $3.85
Back at the 200-day ($253) after an 8% bounce
9.2x next year's EPS estimate
Breakeven $231.15, 9.5% below today

I think Adobe is still priced like AI kills it even though it trades at about 9x free cash flow. That's about 1.7% in 30 days (~20% annualized) and if I get assigned I'm happy owning it at $231.

Would you sell this put or just buy the shares here?

Not financial advice

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Why the $235 strike and not $215? The stock ran from $236 to $255 since last week so the $215 put only pays about $1.05 now. $235 keeps the same cushion and odds I wanted (delta -0.22, about 79% chance of profit per Robinhood).

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Risk: the June low was $190.12. If it breaks that I'd own shares well below my breakeven, so size it like you're buying 100 shares, not like it's free money.

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Expiration is before the Dec 9 earnings report, so there's no earnings gap risk in this one.

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What I'd watch: holding above the 200-day makes me more confident. A close under $231 means I'm early and probably getting the shares.

Sources: FMP: ADBE quote, price history, 50/200 DMA, analyst estimates, key metrics · Robinhood: ADBE 2026-11-20 $235 put quote Oct 21 (bid 3.85, delta -0.22, IV 41.7%) · SEC EDGAR: ADBE filings

Not financial advice. For informational and educational purposes only.