Banco BTG Pactual S.A. Takes Position in Adobe Inc. $ADBE

Key Points

• Banco BTG Pactual S.A. opened a new position in Adobe during the fourth quarter, buying 20,000 shares valued at about $7 million. Adobe now represents roughly 1.2% of its portfolio.
• Adobe posted record Q2 results, with revenue of $6.62 billion and EPS of $5.96, both ahead of Wall Street expectations. The company also said AI-driven demand and higher subscription spending helped support growth.
• Management raised FY2026 guidance above consensus, but the stock remains under pressure amid concerns about leadership turnover, including CFO Dan Durn’s planned departure. Analysts’ views are mixed, with the stock carrying an overall Hold rating.

Banco BTG Pactual S.A. acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 20,000 shares of the software company's stock, valued at approximately $7,000,000. Adobe accounts for approximately 1.2% of Banco BTG Pactual S.A.'s investment portfolio, making the stock its 21st largest holding.

Several other large investors also recently modified their holdings of ADBE. Norges Bank bought a new stake in shares of Adobe in the 4th quarter valued at approximately $2,275,165,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Adobe by 53.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,617,145 shares of the software company's stock valued at $1,981,448,000 after purchasing an additional 1,952,994 shares during the period. Dodge & Cox grew its stake in shares of Adobe by 8,006.6% in the 3rd quarter. Dodge & Cox now owns 1,593,506 shares of the software company's stock valued at $562,109,000 after purchasing an additional 1,573,849 shares during the period. AQR Capital Management LLC grew its stake in shares of Adobe by 55.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,587,399 shares of the software company's stock valued at $912,705,000 after purchasing an additional 920,353 shares during the period. Finally, Amundi boosted its holdings in shares of Adobe by 17.9% in the 3rd quarter. Amundi now owns 4,888,283 shares of the software company's stock worth $1,711,583,000 after acquiring an additional 742,646 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Key Adobe News

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe reported record Q2 revenue of $6.62 billion and EPS of $5.96, both above Wall Street estimates, showing the core business is still beating expectations. Adobe Reports Record Q2 Results
• Positive Sentiment: The company raised its FY2026 outlook, guiding revenue to $26.5 billion-$26.6 billion and EPS to $24.35-$24.45, both above analyst consensus, which suggests management sees continued momentum ahead. Adobe raises annual revenue forecast, CFO to exit
• Neutral Sentiment: Adobe also said AI-driven demand and higher subscription spending helped drive results, reinforcing that its AI products are contributing to growth, though investors still want clearer proof this will last. Adobe posts record Q2 revenue and raises 2026 outlook
• Negative Sentiment: Shares are being weighed down by another senior departure, with CFO Dan Durn set to leave for Marvell, adding to concerns about leadership instability while Adobe is also searching for a new CEO. Adobe is losing another top executive, and investors don't like it
• Negative Sentiment: Investors remain skeptical that Adobe’s AI push will translate into sustained growth, and that uncertainty has kept pressure on the stock even after the earnings beat. Adobe Stock Sinks to Multi-Year Low Ahead of Earnings

Adobe Stock Down 6.5%

Shares of ADBE opened at $218.24 on Friday. The firm has a market capitalization of $88.21 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 0.91 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 0.91. The business's fifty day moving average price is $245.29 and its two-hundred day moving average price is $279.13. Adobe Inc. has a 52 week low of $218.09 and a 52 week high of $416.39.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 11th. The software company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $5.82 by $0.14. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. Adobe had a return on equity of 64.48% and a net margin of 29.48%.The business's quarterly revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $5.06 EPS. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, analysts predict that Adobe Inc. will post 19.14 earnings per share for the current year.

Adobe declared that its board has authorized a share buyback plan on Tuesday, April 21st that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 24.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on ADBE shares. Wells Fargo & Company reduced their target price on Adobe from $420.00 to $405.00 and set an "overweight" rating on the stock in a report on Monday, March 9th. Morgan Stanley reduced their target price on Adobe from $425.00 to $365.00 and set an "equal weight" rating on the stock in a report on Friday, March 13th. Barclays downgraded Adobe from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $335.00 to $275.00 in a report on Friday, March 13th. William Blair downgraded Adobe from an "outperform" rating to a "market perform" rating in a report on Thursday, March 26th. Finally, Wall Street Zen downgraded Adobe from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, seventeen have issued a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $331.65.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 755 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $246.25, for a total value of $185,918.75. Following the transaction, the chief accounting officer directly owned 3,521 shares in the company, valued at approximately $867,046.25. This trade represents a 17.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 1,336 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $248.02, for a total value of $331,354.72. Following the completion of the transaction, the chief financial officer owned 42,833 shares in the company, valued at $10,623,440.66. The trade was a 3.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 77,091 shares of company stock worth $18,782,773. Insiders own 0.20% of the company's stock.

About Adobe

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company's core offerings are organized around digital media and digital experience.

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