Fisher Funds Management LTD Decreases Stake in Adobe Inc. $ADBE

Key Points

• Fisher Funds Management cut its Adobe stake by 36.5% in the first quarter, selling 19,658 shares and leaving it with 34,152 shares worth about $8.3 million.
• Several analysts turned more cautious on Adobe, with multiple firms lowering price targets and one downgrading the stock; the consensus rating remains Hold with an average target price of $278.16.
• Adobe reported better-than-expected quarterly results and raised FY2026 guidance, while also authorizing a $25 billion share buyback and continuing to expand its AI tools across Creative Cloud products.

Fisher Funds Management LTD lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 36.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,152 shares of the software company's stock after selling 19,658 shares during the quarter. Fisher Funds Management LTD's holdings in Adobe were worth $8,302,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IVC Wealth Advisors LLC boosted its stake in shares of Adobe by 5.0% in the 1st quarter. IVC Wealth Advisors LLC now owns 3,583 shares of the software company's stock worth $871,000 after buying an additional 171 shares during the last quarter. Triad Wealth Partners LLC increased its position in shares of Adobe by 25.5% during the first quarter. Triad Wealth Partners LLC now owns 960 shares of the software company's stock valued at $233,000 after acquiring an additional 195 shares during the last quarter. Park National Corp OH lifted its holdings in Adobe by 2.5% during the first quarter. Park National Corp OH now owns 2,536 shares of the software company's stock worth $616,000 after acquiring an additional 61 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Adobe by 11.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 170,659 shares of the software company's stock worth $41,484,000 after acquiring an additional 18,046 shares during the period. Finally, Diversified Trust Co lifted its holdings in Adobe by 1.7% during the first quarter. Diversified Trust Co now owns 11,206 shares of the software company's stock worth $2,724,000 after acquiring an additional 183 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Mizuho reduced their price objective on Adobe from $270.00 to $245.00 and set a "neutral" rating for the company in a research note on Friday, June 12th. Evercore set a $225.00 target price on Adobe and gave the stock an "in-line" rating in a research note on Friday, June 12th. Wolfe Research downgraded shares of Adobe from an "outperform" rating to a "peer perform" rating in a report on Friday, June 12th. Robert W. Baird cut their price target on shares of Adobe from $270.00 to $230.00 and set a "neutral" rating on the stock in a report on Friday, June 12th. Finally, BMO Capital Markets reduced their price target on shares of Adobe from $285.00 to $230.00 and set a "market perform" rating for the company in a research report on Friday, June 12th. Five analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $278.16.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 75,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $243.54, for a total value of $18,265,500.00. Following the completion of the transaction, the chief executive officer directly owned 359,538 shares of the company's stock, valued at $87,561,884.52. This trade represents a 17.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn sold 1,336 shares of the business's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $248.02, for a total transaction of $331,354.72. Following the transaction, the chief financial officer owned 42,833 shares of the company's stock, valued at $10,623,440.66. This trade represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 77,091 shares of company stock valued at $18,782,773. Company insiders own 0.20% of the company's stock.

Key Stories Impacting Adobe

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe unveiled a major expansion of its Creative Agent and Firefly AI tools across Photoshop, Premiere, Illustrator, InDesign, and Frame.io, which could improve user productivity and support future monetization through deeper AI integration. Article Title
• Positive Sentiment: Adobe also announced an AI skills initiative with LinkedIn, reinforcing its positioning in the growing enterprise AI training and marketing workflow market. Article Title
• Neutral Sentiment: Adobe’s latest quarterly results beat expectations and management issued FY2026 guidance above consensus, but the stock has still lagged as investors question whether growth can reaccelerate enough to justify the valuation.
• Neutral Sentiment: Commentary from Jim Cramer was mixed, with a cautious tone around Adobe’s future because of competition and uncertainty about the company’s longer-term growth path. Article Title
• Negative Sentiment: Freedom Broker downgraded Adobe to Hold from Buy and sharply cut its price target, highlighting concerns that the post-earnings setup is less compelling than before. Article Title
• Negative Sentiment: Separate coverage noted Adobe stock falling alongside other software names amid a broader selloff in subscription software, suggesting the market is rotating away from the group despite solid fundamentals. Article Title

Adobe Stock Up 0.2%

ADBE stock opened at $195.64 on Monday. The stock has a 50-day simple moving average of $240.37 and a two-hundred day simple moving average of $274.12. Adobe Inc. has a twelve month low of $190.12 and a twelve month high of $392.58. The firm has a market capitalization of $77.77 billion, a PE ratio of 11.19, a PEG ratio of 0.68 and a beta of 1.42. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.42.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 11th. The software company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.82 by $0.14. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm posted $5.06 earnings per share. The company's revenue for the quarter was up 12.7% on a year-over-year basis. 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, equities analysts predict that Adobe Inc. will post 19.73 EPS for the current fiscal year.

Adobe announced that its board has initiated a stock buyback plan on Tuesday, April 21st that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 24.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

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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