Patton Albertson Miller Group LLC Reduces Stake in Adobe Inc. $ADBE

Key Points

• Patton Albertson Miller Group LLC reduced its stake in Adobe by 46.0%, selling 5,284 shares and ending the quarter with 6,203 shares valued at about $2.17 million; institutional investors now own roughly 81.79% of the stock.
• Adobe's board authorized a $25.00 billion buyback (up to 24.9% of shares) and the company beat Q results on both EPS and revenue, while providing FY2026 guidance of $23.30–$23.50 EPS.
• Insider selling has been notable—CEO Shantanu Narayen sold 75,000 shares and insiders sold ~77,091 shares (~$18.8M) last quarter—while analysts' consensus is a "Hold" with a $338.15 target and the stock trading near $250.

Patton Albertson Miller Group LLC lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 46.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,203 shares of the software company's stock after selling 5,284 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Adobe were worth $2,171,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. CX Institutional lifted its position in Adobe by 72.9% in the 3rd quarter. CX Institutional now owns 27,922 shares of the software company's stock worth $9,849,000 after buying an additional 11,769 shares during the last quarter. Wright Investors Service Inc. lifted its position in Adobe by 114.4% during the third quarter. Wright Investors Service Inc. now owns 9,919 shares of the software company's stock valued at $3,499,000 after purchasing an additional 5,293 shares during the period. Federated Hermes Inc. lifted its position in Adobe by 185.1% during the third quarter. Federated Hermes Inc. now owns 898,408 shares of the software company's stock valued at $316,913,000 after purchasing an additional 583,275 shares during the period. Willis Investment Counsel boosted its holdings in Adobe by 138.9% in the fourth quarter. Willis Investment Counsel now owns 40,715 shares of the software company's stock worth $14,250,000 after purchasing an additional 23,671 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its position in Adobe by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 106,598 shares of the software company's stock worth $38,309,000 after purchasing an additional 32,448 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADBE shares. HSBC set a $302.00 target price on shares of Adobe in a research note on Friday, February 13th. Argus reaffirmed a "hold" rating on shares of Adobe in a report on Monday, March 16th. Weiss Ratings downgraded Adobe from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, March 6th. Piper Sandler cut their price target on Adobe from $330.00 to $280.00 and set a "neutral" rating for the company in a research note on Friday, March 13th. Finally, Jefferies Financial Group reduced their price target on shares of Adobe from $400.00 to $290.00 and set a "hold" rating for the company in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, sixteen have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $338.15.

Adobe Stock Down 2.1%

Shares of NASDAQ:ADBE opened at $250.17 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. The business has a 50 day simple moving average of $250.37 and a two-hundred day simple moving average of $295.55. Adobe Inc. has a 1 year low of $224.13 and a 1 year high of $422.95. The firm has a market capitalization of $101.12 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.00 and a beta of 1.42.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.87 by $0.19. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.28 billion. Adobe had a return on equity of 64.48% and a net margin of 29.48%.Adobe's quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the business posted $5.08 EPS. Adobe has set its FY 2026 guidance at 23.300-23.500 EPS and its Q2 2026 guidance at 5.800-5.850 EPS. On average, equities analysts predict that Adobe Inc. will post 19.14 EPS for the current year.

Adobe announced that its Board of Directors has initiated 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 buy up to 24.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 75,000 shares of the business'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 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 approximately $87,561,884.52. The trade was a 17.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 755 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the completion of the transaction, the chief accounting officer owned 3,521 shares of the company's stock, valued at approximately $867,046.25. This represents a 17.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 company insiders.

Adobe News Roundup

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe launched an AI “productivity agent” that integrates Acrobat document intelligence to create, summarize and share rich content — a clear product advancement that supports future growth in agentic AI use cases. Adobe’s New Productivity Agent Redefines How People Understand, Create and Share Information
• Positive Sentiment: Adobe finalized its acquisition of Semrush, bolstering capabilities for agentic AI-driven brand visibility and marketing data — strategic for Adobe Experience Cloud and adtech monetization. Adobe (ADBE) Finalizes Acquisition of Semrush Holdings to Power Agentic AI Brand Visibility
• Positive Sentiment: Management’s large $25 billion buyback program signals confidence and supports EPS/share metrics, a potential near-term floor for valuation as Adobe repurchases depressed shares. Adobe's $25 Billion Buyback Sends a Clear Signal. Yet Shares Remain Dirt Cheap.
• Neutral Sentiment: Adobe highlights India as a major innovation hub ( ~1/3 of global innovation, including Firefly) and sees vertical demand in fashion, travel and e‑commerce — positive for long-term product road map but not an immediate revenue catalyst. Firms fixing workflows before deploying agentic AI tools: Prativa Mohapatra, Adobe India
• Neutral Sentiment: Macro commentary on the AI/SaaS rotation notes both risk and opportunity — some analysts see recovery potential for select software names, but the sector remains volatile. The Same AI Wave Crushing SaaS Stocks May Be About to Rescue These 3 Names
• Negative Sentiment: Insider selling (reported ~US$19M) and commentary suggesting insider hesitancy can spook investors and is being cited as a headwind. Adobe Insiders Sold US$19m Of Shares Suggesting Hesitancy
• Negative Sentiment: Short-term selling pressure and cautious headlines (including bearish takes comparing Adobe to a fading incumbent and noting a pullback after a rally) are pressuring the stock amid technical weakness. Adobe turns red: On track to log losses after six-session rally
• Negative Sentiment: Market coverage noting the stock “sinks” despite broader market gains reflects mixed analyst tone and may amplify selling momentum. Adobe Systems (ADBE) Stock Sinks As Market Gains: Here's Why

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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