Analysts at TD Cowen downgraded the stock to hold from buy, while Wells Fargo kept its buy rating following what it called a "frustrating '24" for the company. The stock is now down 20% for the year, badly trailing the Nasdaq, which is up 33% and crossed the 20,000 mark for the first time on Wednesday.
While Adobe's forecast trailed estimates, the company's fourth-quarter results exceeded expectations.
Adjusted earnings per share came in at $4.81, topping the average analyst estimate of $4.66, according to LSEG. Revenue in the fourth quarter increased 11% to $5.61 billion, beating the average estimate of $5.54 billion.