Lazard Freres Gestion S.A.S. Reduces Stock Position in Adobe Inc. $ADBE

Key Points

• Lazard Freres Gestion S.A.S. trimmed its stake in Adobe by 12.4% in Q3, selling 11,441 shares and ending the period with 80,706 shares valued at about $28.47 million.
• Adobe beat quarterly estimates (Q4 EPS $5.50 vs. $5.40 consensus; revenue $6.19B vs. $6.11B) and set Q1 2026 guidance of $5.85–$5.90 EPS and FY2026 guidance of $23.30–$23.50 EPS.
• Analyst sentiment is mixed with a MarketBeat consensus rating of "Hold" and an average price target of $417.93; institutional ownership is ~81.8% while insider ownership is just 0.16%, including a recent sale by the CAO.

Lazard Freres Gestion S.A.S. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,706 shares of the software company's stock after selling 11,441 shares during the period. Lazard Freres Gestion S.A.S.'s holdings in Adobe were worth $28,469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. LSV Asset Management raised its stake in Adobe by 350.0% during the 2nd quarter. LSV Asset Management now owns 72 shares of the software company's stock valued at $28,000 after buying an additional 56 shares during the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Adobe in the 1st quarter worth $29,000. Nexus Investment Management ULC bought a new stake in shares of Adobe in the second quarter worth $31,000. Horizon Financial Services LLC increased its position in Adobe by 4,000.0% during the second quarter. Horizon Financial Services LLC now owns 82 shares of the software company's stock valued at $32,000 after acquiring an additional 80 shares during the last quarter. Finally, 1248 Management LLC bought a new position in Adobe in the first quarter valued at about $33,000. Institutional investors own 81.79% of the company's stock.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 149 shares of the company's stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $337.88, for a total value of $50,344.12. Following the completion of the transaction, the chief accounting officer owned 3,426 shares of the company's stock, valued at $1,157,576.88. This represents a 4.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by insiders.

Adobe Stock Performance

ADBE opened at $349.99 on Friday. The company has a 50 day simple moving average of $338.69 and a two-hundred day simple moving average of $352.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.00 and a quick ratio of 1.02. The firm has a market cap of $146.51 billion, a P/E ratio of 20.94, a PEG ratio of 1.38 and a beta of 1.52. Adobe Inc. has a 1-year low of $311.58 and a 1-year high of $465.70.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 10th. The software company reported $5.50 EPS for the quarter, beating the consensus estimate of $5.40 by $0.10. The firm had revenue of $6.19 billion for the quarter, compared to the consensus estimate of $6.11 billion. Adobe had a net margin of 30.00% and a return on equity of 61.28%. The company's revenue was up 10.5% on a year-over-year basis. During the same period last year, the firm earned $4.81 EPS. Adobe has set its Q1 2026 guidance at 5.850-5.900 EPS and its FY 2026 guidance at 23.300-23.500 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent research reports. Citigroup boosted their price target on Adobe from $366.00 to $387.00 and gave the company a "neutral" rating in a research note on Wednesday, December 17th. Wells Fargo & Company cut their target price on shares of Adobe from $470.00 to $420.00 and set an "overweight" rating for the company in a research report on Thursday, November 20th. Cowen reaffirmed a "hold" rating on shares of Adobe in a report on Monday, December 8th. UBS Group set a $487.00 price target on shares of Adobe in a research note on Sunday, December 14th. Finally, DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Thursday, December 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $417.93.

Adobe News Roundup

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Bull case highlighting AI monetization, valuation gap and a $595 price target argues Adobe is underpriced and will benefit from workflow AI integration; this supports a longer-term bullish thesis for ADBE. Adobe: Mispriced, Misunderstood, And Monetizing AI
• Positive Sentiment: Long-term performance piece: a retrospective showing strong multi-decade total return for Adobe, which can support investor confidence in ADBE as a secular growth ownership story. If You Invested $100 In Adobe Stock 20 Years Ago, You Would Have This Much Today
• Neutral Sentiment: Zacks issued a FY2028 earnings projection (EPS $24.05), signaling confidence in multi‑year earnings growth even as near‑term estimates shift; longer‑term estimates can moderate panic but are further out. (No direct link provided)
• Neutral Sentiment: Regulatory bill (HUSTLE Act) mentions Adobe among companies that could see increased demand for content tools if NIL-driven creator activity expands — a small, policy‑driven upside over time. New Bill: Senator Marsha Blackburn introduces S. 3378
• Neutral Sentiment: Market commentary and watchlists (e.g., “Final Trades” video) include Adobe as a stock to monitor, keeping it on investor radar but not providing immediate catalysts. Final Trades: Adobe, Alibaba and Goldman Sachs
• Negative Sentiment: Zacks Research reduced its Q4 2026 EPS estimate for Adobe from $5.05 to $4.90 — a near‑term downward revision that can pressure sentiment and valuation multiples. (Reported via MarketBeat summary)
• Negative Sentiment: Macro headwinds: U.S. stock futures and economic headlines turned negative at the end of the year, contributing to broad market selling that hurt higher‑beta, growth‑oriented names like ADBE. U.S. Stock Futures in Red to Close an Impressive 2025

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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