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 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.