Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $5.08 Million Stock Holdings in Adobe Inc. $ADBE

Key Points

• Empirical Financial Services reduced its Adobe stake by 25.8% in the first quarter, selling 7,262 shares and leaving it with 20,886 shares valued at about $5.08 million.
• Adobe’s latest earnings beat expectations, with $5.96 EPS on $6.62 billion in revenue, and the company also raised guidance for FY 2026 and Q3 2026.
• Despite solid results, Wall Street sentiment remains cautious: analysts currently rate Adobe Hold on average, and the stock was trading down with valuation and enterprise spending concerns still in focus.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management decreased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 20,886 shares of the software company's stock after selling 7,262 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Adobe were worth $5,077,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ADBE. Norges Bank acquired a new position in Adobe in the fourth quarter valued at about $2,275,165,000. AQR Capital Management LLC increased its holdings in shares of Adobe by 55.2% during the third quarter. AQR Capital Management LLC now owns 2,587,399 shares of the software company's stock worth $912,705,000 after buying an additional 920,353 shares in the last quarter. Amundi increased its holdings in shares of Adobe by 17.9% during the third quarter. Amundi now owns 4,888,283 shares of the software company's stock worth $1,711,583,000 after buying an additional 742,646 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Adobe by 566.1% in the first quarter. State of Michigan Retirement System now owns 820,823 shares of the software company's stock valued at $199,526,000 after acquiring an additional 697,600 shares during the last quarter. Finally, AMF Tjanstepension AB bought a new position in shares of Adobe in the first quarter valued at approximately $167,494,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. Robert W. Baird decreased their price target on Adobe from $270.00 to $230.00 and set a "neutral" rating on the stock in a research report on Friday, June 12th. Phillip Securities downgraded Adobe from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. William Blair lowered Adobe from an "outperform" rating to a "market perform" rating in a research note on Thursday, March 26th. Oppenheimer restated a "market perform" rating on shares of Adobe in a report on Friday, June 12th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $420.00 to $340.00 and set an "overweight" rating for the company in a research note on Friday, June 12th. Six 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 company. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Hold" and an average target price of $275.00.

More Adobe News

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?

Adobe Trading Down 4.3%

Shares of NASDAQ ADBE opened at $220.78 on Wednesday. Adobe Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $376.16. The firm has a market capitalization of $87.76 billion, a P/E ratio of 12.63, a P/E/G 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. The company's 50 day simple moving average is $229.83 and its 200 day simple moving average is $258.06.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 11th. The software company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $5.82 by $0.14. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6.45 billion. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The business's quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business 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 19.81 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share repurchase plan on Tuesday, April 21st that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 24.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 75,000 shares of Adobe stock in a transaction 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 sale, the chief executive officer directly owned 359,538 shares of the company's stock, valued at $87,561,884.52. The trade was a 17.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks acquired 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average price of $194.51 per share, with a total value of $1,945,100.00. Following the acquisition, the director directly 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 77,091 shares of company stock valued at $18,782,773 over the last 90 days. Company insiders own 0.20% of the company's stock.

Adobe Company Profile

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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