Carnegie Investment Counsel Reduces Stock Position in Adobe Inc. $ADBE

Key Points

• Carnegie Investment Counsel cut its Adobe stake by 66.8% in the first quarter, selling 5,352 shares and leaving it with 2,664 shares valued at about $648,000.
• Adobe’s latest earnings beat expectations, with EPS of $5.96 and revenue of $6.62 billion, while the company also issued guidance for FY 2026 and Q3 2026 that supports continued growth.
• The company authorized a $25 billion share repurchase program, and insider activity was mixed: Director David A. Ricks bought shares, while CEO Shantanu Narayen sold 75,000 shares.

Carnegie Investment Counsel cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 66.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,664 shares of the software company's stock after selling 5,352 shares during the quarter. Carnegie Investment Counsel's holdings in Adobe were worth $648,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. SWAN Capital LLC grew its position in Adobe by 43.1% in the 3rd quarter. SWAN Capital LLC now owns 103 shares of the software company's stock worth $36,000 after purchasing an additional 31 shares during the period. Logan Capital Management Inc. raised its stake in Adobe by 0.3% during the 3rd quarter. Logan Capital Management Inc. now owns 9,789 shares of the software company's stock valued at $3,453,000 after buying an additional 32 shares during the last quarter. Peoples Bank KS lifted its holdings in shares of Adobe by 1.6% during the 4th quarter. Peoples Bank KS now owns 2,041 shares of the software company's stock valued at $714,000 after buying an additional 33 shares during the period. Rosenberg Matthew Hamilton lifted its holdings in shares of Adobe by 16.1% during the 4th quarter. Rosenberg Matthew Hamilton now owns 245 shares of the software company's stock valued at $86,000 after buying an additional 34 shares during the period. Finally, Marquette Asset Management LLC boosted its stake in shares of Adobe by 72.3% in the 4th quarter. Marquette Asset Management LLC now owns 81 shares of the software company's stock worth $28,000 after buying an additional 34 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 4.3%

NASDAQ:ADBE opened at $220.78 on Wednesday. Adobe Inc. has a one year low of $190.12 and a one year high of $376.16. The business has a fifty day moving average price of $229.83 and a 200-day moving average price of $258.06. The firm has a market capitalization of $87.76 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.75 and a quick ratio of 0.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 11th. The software company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $5.82 by $0.14. Adobe had a return on equity of 65.11% and a net margin of 28.69%.The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the business earned $5.06 earnings per share. Adobe's quarterly revenue was up 12.7% compared to the same quarter last year. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. Sell-side analysts forecast that Adobe Inc. will post 19.81 EPS for the current year.

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

Insider Buying and Selling

In other news, Director David A. Ricks bought 10,000 shares of Adobe stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average cost of $194.51 per share, with a total value of $1,945,100.00. Following the acquisition, the director owned 17,655 shares of the company's stock, valued at $3,434,074.05. The trade was a 130.63% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $243.54, for a total transaction of $18,265,500.00. Following the completion of the transaction, the chief executive officer owned 359,538 shares of the company's stock, valued at approximately $87,561,884.52. The trade was a 17.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 77,091 shares of company stock valued at $18,782,773 in the last 90 days. Corporate insiders own 0.20% of the company's stock.

Trending Headlines about Adobe

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe is advancing its AI strategy, including a planned acquisition of Topaz Labs, which should deepen its AI-powered creative tools and strengthen its core product suite. Adobe (ADBE) Buys Topaz Labs As AI Revenue Runs At 3x Prior Year
• Positive Sentiment: Adobe’s AI-first recurring revenue is growing quickly, with management saying it is running at more than three times last year’s pace and now above $500 million, which supports the long-term growth narrative. Adobe (ADBE) Freemium AI Push Puts Valuation Back In Focus
• Positive Sentiment: Technical momentum has improved, with Adobe recently breaking above its 50-day moving average, which some traders view as a short-term bullish signal. Adobe Systems (ADBE) Recently Broke Out Above the 50-Day Moving Average
• Neutral Sentiment: Several articles highlighted Adobe’s AI and brand-discovery efforts, including commentary from its CMO on how AI is changing marketing and search behavior, but these were more strategic than immediately market-moving. Adobe CMO Lara Balazs Says AI Is Rewriting Brand Discovery: 'There's AI. Do That.'
• Neutral Sentiment: Adobe continues to draw investor attention after strong quarterly results and raised guidance, but those positives are being balanced against valuation concerns and the risk of softer enterprise spending. Adobe Inc. (ADBE) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: IBM’s warning about weaker enterprise software spending is weighing on Adobe and the broader software group, raising fears that customers may delay or cut software purchases. IBM Warning Hits Software Stocks
• Negative Sentiment: Adobe’s stock has been in a longer-term downtrend despite recent rebounds, so some investors may still be cautious about the valuation and recovery path. Is Adobe Stock Really Broken, or Just Violently Marked Down?

Analysts Set New Price Targets

Several analysts recently commented on ADBE shares. DA Davidson cut their price objective on Adobe from $300.00 to $250.00 and set a "buy" rating for the company in a report on Friday, June 12th. Summit Redstone set a $350.00 target price on Adobe in a report on Friday, April 17th. Wolfe Research cut Adobe from an "outperform" rating to a "peer perform" rating in a research report on Friday, June 12th. Oppenheimer restated a "market perform" rating on shares of Adobe in a research note on Friday, June 12th. Finally, Evercore set a $225.00 price target on shares of Adobe and gave the company an "in-line" rating in a research report on Friday, June 12th. Six research analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $275.00.

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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