Design software developer Adobe (ADBE) is slated to report fiscal second-quarter earnings after the bell Thursday, and investors are expecting a relatively modest share movement to follow.

Options pricing suggests traders anticipate Adobe stock to move about 6.6% in either direction the day after its earnings report. A move of that scale would lift shares to roughly $440, their highest level in three months, or drop them to about $386, a one-month low.

Adobe shares slipped 0.8% to $412.84 on Wednesday. The stock is down about 7% since the start of the year.

Adobe stock has registered an average post-earnings move of 12.6% over the past four quarters, and fell in three of those instances. A 6.6% gain or loss on Friday would represent the stock’s smallest post-earnings move since December 2023.

In March, shares dropped nearly 14% the day after Adobe reported record quarterly revenue but issued an outlook that underwhelmed investors. In December, it was a similar story: a worse-than-expected forecast sent shares tumbling more than 13%.

Most analysts are bullish on Adobe's long-term outlook. Of the 17 Adobe analysts tracked by Visible Alpha, 10 rate the stock a “buy,” six are neutral, and one rates it a “sell.” The average price target of about $477 is more than 15% above the stock’s closing price on Wednesday.

Morgan Stanley analysts earlier this week said investor concerns about Adobe's long-term competitiveness and generative AI opportunity should help Adobe "step over a low bar" when results come out Wednesday. The bank assigns the stock an "overweight" rating and an above-consensus price target of $510.

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