Why Adobe Stock Is Trading Lower Today

Adobe Inc. ADBE shares are trading lower Tuesday. The move represents a pullback from recent strength.

What To Know: Adobe stock has moved higher in recent weeks since NVIDIA reported its second-quarter financial results at the end of August.

Tech and AI stocks such as Adobe received a boost from NVIDIA's earnings report, although the sector was recently rattled by news of China's ban on iPhones for official use and Huawei's Mate 60 and Mate 60 Pro smartphones. While companies like Qualcomm bore the brunt of the loss, Adobe stock was largely unscathed.

Shares of Adobe pulled back Tuesday from their recent high, falling over 4%. The price action comes two days before the company is set to report its third-quarter earnings. Adobe is expected to report earnings of $3.98 per share and revenue of $4.87 billion.

Also on Tuesday, two analysts raised their price targets on the company:

BMO Capital analyst Keith Bachman maintained Adobe with a Outperform and raised the price target from $600 to $640.

Wells Fargo analyst Michael Turrin maintained Adobe with a Overweight and raised the price target from $600 to $625.

Related Link: Tesla Receives A Notable Upgrade From Morgan Stanley, Catapulting The Stock By An Impressive 10% In Just A Single Day

ADBE Price Action: Shares of ADBE were down 4.12% at $541.22 at the time of publication, according to Benzinga Pro.

Image by Elchinator from Pixabay