Shares of Adobe Systems plummeted Wednesday after the software developer indicated that sales and earnings for its next quarter might fall short of expectations.

Adobe said late Tuesday that fourth-quarter profits, excluding one time items, would be in the range of 48 to 54 cents per share, while analysts were expecting 52 cents per share.

Shares of Adobe fell more than 20% from Tuesday's close and at one point hit $25.81, a new 52-week low.

David Hilal, an analyst at FBR Capital Markets, pointed to the disappointing performance of Adobe Creative Suite 5, a product grouping that includes Adobe Photoshop and Acrobat, as a reason for concern.

"The uncertainty of demand from these markets led management to provide lackluster guidance and makes us lower our expectations," Hilal wrote in an analysis, citing a lack of demand in both Japanese and domestic education markets.