Leelyn Smith LLC Sells 10,770 Shares of Adobe Inc. $ADBE

Key Points

• Leelyn Smith LLC sharply cut its Adobe stake by 84% in the first quarter, selling 10,770 shares and leaving it with 2,052 shares valued at about $499,000.
• Adobe’s latest earnings beat expectations, with EPS of $5.96 and revenue of $6.62 billion, while quarterly revenue rose 12.7% year over year. The company also issued FY 2026 guidance and continues to show strong profitability.
• Despite recent positive results and a $25 billion buyback authorization, Wall Street remains cautious: Adobe’s analyst consensus is currently Hold, and several firms have recently cut price targets or downgraded the stock.

Leelyn Smith LLC reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 84.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,052 shares of the software company's stock after selling 10,770 shares during the quarter. Leelyn Smith LLC's holdings in Adobe were worth $499,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Willis Investment Counsel lifted its stake in Adobe by 138.9% during the 4th quarter. Willis Investment Counsel now owns 40,715 shares of the software company's stock valued at $14,250,000 after acquiring an additional 23,671 shares in the last quarter. Nicholas Company Inc. grew its stake in shares of Adobe by 7.6% in the 4th quarter. Nicholas Company Inc. now owns 174,626 shares of the software company's stock worth $61,117,000 after acquiring an additional 12,400 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Adobe by 13.4% in the fourth quarter. Teacher Retirement System of Texas now owns 215,611 shares of the software company's stock valued at $75,462,000 after purchasing an additional 25,435 shares during the last quarter. Wealthfront Advisers LLC raised its holdings in shares of Adobe by 13.2% in the fourth quarter. Wealthfront Advisers LLC now owns 55,179 shares of the software company's stock valued at $19,312,000 after purchasing an additional 6,426 shares during the last quarter. Finally, True North Advisors LLC lifted its position in shares of Adobe by 301.1% during the fourth quarter. True North Advisors LLC now owns 6,493 shares of the software company's stock valued at $2,273,000 after purchasing an additional 4,874 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Stifel Nicolaus restated a "hold" rating and set a $200.00 price target (down from $350.00) on shares of Adobe in a report on Friday, June 12th. TD Cowen dropped their target price on shares of Adobe from $310.00 to $285.00 and set a "hold" rating on the stock in a research report on Monday, June 8th. Citigroup restated a "market perform" rating on shares of Adobe in a research note on Friday, June 12th. BMO Capital Markets cut their target price on Adobe from $285.00 to $230.00 and set a "market perform" rating on the stock in a research note on Friday, June 12th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Adobe in a report on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating, twenty-two have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of "Hold" and a consensus price target of $278.40.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 1,336 shares of Adobe stock in a transaction that occurred 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 sale, the chief financial officer owned 42,833 shares of the company's stock, valued at approximately $10,623,440.66. The trade was a 3.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 75,000 shares of the company's stock in a transaction that occurred 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 owned 359,538 shares in the company, valued at approximately $87,561,884.52. The trade was a 17.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,091 shares of company stock valued at $18,782,773 over the last quarter. 0.20% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $219.72 on Friday. The company has a market capitalization of $87.34 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 0.77 and a beta of 1.43. The company's 50-day moving average is $232.91 and its 200 day moving average is $265.14. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.75 and a current ratio of 0.75. Adobe Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $386.60.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.45 billion. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The firm's quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the company posted $5.06 earnings per share. 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 research analysts forecast that Adobe Inc. will post 19.8 earnings per share for the current year.

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

Key Headlines Impacting Adobe

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: HSBC upgraded Adobe to Buy and said AI concerns have created an overly pessimistic valuation, helping fuel a rally in the stock. This Adobe analyst is going against the grain by telling investors to buy the stock
• Positive Sentiment: Adobe is expanding its AI push with Firefly Foundry and a broader freemium funnel, which could increase adoption of its creative tools and support longer-term growth. Adobe (ADBE) Launches Firefly Foundry As It Pushes AI Tools To More Users
• Positive Sentiment: An insider reportedly increased his Adobe stake by 130%, signaling internal confidence in the company’s turnaround and AI strategy. 1 Adobe Insider Just Boosted His Stake by 130%. Why He Is Betting Big on ADBE Right Now.
• Neutral Sentiment: Several articles highlighted Adobe as a long-term value or “best SaaS stock” idea, but these were largely opinion pieces rather than new fundamental updates. Why Adobe Systems (ADBE) is a Top Value Stock for the Long-Term
• Neutral Sentiment: Commentary from analysts and investors continued to debate whether Adobe’s growth is slowing or whether the market is underestimating its resilience against AI disruption. Analyst Sees Slower Growth Tempering Outlook for Adobe (ADBE)
• Negative Sentiment: Phillip Securities downgraded Adobe to Neutral from Buy and cut its price target sharply, reflecting concern that growth may slow even as legacy software remains durable. Analyst Sees Slower Growth Tempering Outlook for Adobe (ADBE)

Adobe 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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