These Analysts Slash PT On Adobe Following Q3 Earnings, Figma Acquisition

Adobe Inc. ADBE reported earnings results for its third quarter and issued Q4 sales guidance below estimates.

The company also announced it will acquire Figma for approximately $20 billion in cash and stock.

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Adobe shares dipped 16.8% to close at $309.13 on Thursday, and fell another 2.1% in pre-market trading today.

These two analysts made changes to their price targets on Adobe today.

• Baird cut the price target on the stock from $450 to $355. Baird analyst Rob Oliver also downgraded the stock from Outperform to Neutral.
• Piper Sandler lowered price target on the stock from $430 to $358. Piper Sandler analyst Brent Bracelin maintained Adobe with an Overweight.
• B of A Securities reduced the price target on the stock from $450 to $350. B of A Securities analyst Brad Sills also downgraded the stock from Buy to Neutral.
• Barclays cut the price target on the stock from $440 to $340. Barclays analyst Saket Kalia downgraded the stock from Overweight to Equal-Weight.
• Deutsche Bank lowered Adobe’s price target from $500 to $400. Deutsche Bank analyst Brad Zelnick maintained a Buy rating on the stock.
• Mizuho cut Adobe’s price target $440 to $360. Mizuho analyst Gregg Moskowitz maintained the stock with a Neutral.
• RBC Capital lowered price target on the stock from $500 to $425. RBC Capital analyst Matthew Hedberg maintained Adobe with an Outperform.
• Wolfe Research cut price target on the stock from $470 to $340. Wolfe Research analyst Alex Zukin maintained Adobe with an Outperform.
• Morgan Stanley lowered the price target on the stock from $362 to $337. Morgan Stanley analyst Keith Weiss maintained Adobe with an Equal-Weight.
• Stifel lowered price target on the stock from $500 to $375. Stifel analyst Parker Lane maintained a Buy rating on Adobe.