Adobe Inc (NASDAQ:ADBE) shares are trading lower after the company reported financial results and issued weak guidance.
Adobe said fiscal first-quarter revenue increased 9% year-over-year to $4.26 billion, which beat the $4.24 billion estimate. The company reported quarterly earnings of $3.37 per share, which beat the estimate of $3.34 per share.
Adobe said it expects fiscal second-quarter revenue to be about $4.34 billion versus the $4.41 billion estimate. The company expects second-quarter earnings to be around $3.30 per share versus the estimate of $3.35 per share.
Analyst Assessment: Several analysts lowered price targets on the stock following Adobe's quarterly results.
- Piper Sandler analyst Brent Bracelin maintained Adobe with an Overweight rating and lowered the price target from $600 to $545.
- Wells Fargo analyst Michael Turrin maintained Adobe with an Overweight rating and lowered the price target from $625 to $600.
- Credit Suisse analyst Phil Winslow maintained Adobe with a Neutral rating and lowered the price target from $625 to $525.
- Morgan Stanley maintained Adobe with an Overweight rating and lowered the price target from $652 to $591.
- Deutsche Bank analyst Brad Zelnick maintained Adobe with a Buy rating and lowered the price target from $660 to $575.
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ADBE 52-Week Range: $407.94 - $699.54
The stock was down 3.37% at $450.75 at time of publication.
Photo: courtesy of Adobe.
