Victory Capital Management Inc. Has $670.86 Million Stock Holdings in Adobe Inc. $ADBE

Victory Capital Management Inc. raised its stake in Adobe Inc. (NASDAQ:ADBE) by 42.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,916,802 shares of the software company’s stock after buying an additional 575,392 shares during the quarter. Victory Capital Management Inc.’s holdings in Adobe were worth $670,862,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Adobe by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 41,369,395 shares of the software company’s stock worth $14,593,054,000 after purchasing an additional 344,816 shares during the last quarter. State Street Corp increased its stake in shares of Adobe by 1.7% during the 3rd quarter. State Street Corp now owns 20,632,009 shares of the software company’s stock worth $7,277,941,000 after purchasing an additional 352,448 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Adobe by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 11,531,678 shares of the software company’s stock worth $4,027,170,000 after purchasing an additional 414,049 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth $2,275,165,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 53.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,617,145 shares of the software company’s stock worth $1,981,448,000 after purchasing an additional 1,952,994 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe News Summary

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Adobe reported record Q2 revenue of $6.62 billion and EPS of $5.96, both above expectations, while also raising full-year revenue and earnings guidance. The company said AI-driven demand and stronger subscription spending supported results. Adobe Reports Record Q2 Results
• Positive Sentiment: Management highlighted accelerating adoption of Adobe’s AI tools, with AI-first annual recurring revenue topping $500 million, which supports the long-term growth case. Adobe Q2 Earnings Beat Estimates, Revenues Up Y/Y, Shares Fall
• Neutral Sentiment: Despite the beat, Adobe signaled a strategic shift toward freemium AI products and prioritizing user growth over immediate monetization, which adds uncertainty around near-term ARR growth. ADBE Q2 Earnings Call Centers on Freemium AI Push, Raised Outlook
• Negative Sentiment: Investors were rattled by the sudden departure of CFO Dan Durn, which adds to leadership uncertainty while Adobe is also in the middle of a CEO succession process. Adobe raises annual revenue forecast, CFO to exit
• Negative Sentiment: Wall Street reacted with multiple price-target cuts and downgrades, reflecting concerns that Adobe’s core growth may be decelerating and that AI monetization is still not proven. Leadership Exits, Decelerating Core Growth Cloud Adobe’s Earnings Beat

Analysts Set New Price Targets

Several research analysts have recently commented on ADBE shares. BMO Capital Markets dropped their price target on shares of Adobe from $285.00 to $230.00 and set a “market perform” rating on the stock in a research note on Friday. Wall Street Zen lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Oppenheimer restated a “market perform” rating on shares of Adobe in a research note on Friday. TD Cowen dropped their price target on shares of Adobe from $310.00 to $285.00 and set a “hold” rating on the stock in a research note on Monday. Finally, The Goldman Sachs Group dropped their price target on shares of Adobe from $220.00 to $190.00 and set a “sell” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $278.16.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 755 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total value of $185,918.75. Following the completion of the sale, the chief accounting officer directly owned 3,521 shares of the company’s stock, valued at $867,046.25. This represents a 17.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 75,000 shares of the stock in a transaction on Tuesday, April 28th. The shares were 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 approximately $87,561,884.52. This trade represents a 17.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 77,091 shares of company stock valued at $18,782,773 in the last ninety days. Company insiders own 0.20% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $204.02 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. Adobe Inc. has a fifty-two week low of $196.90 and a fifty-two week high of $405.00. The firm has a fifty day moving average price of $244.54 and a two-hundred day moving average price of $278.61. The company has a market cap of $82.46 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.85 and a beta of 1.42.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 11th. The software company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $5.82 by $0.14. Adobe had a net margin of 28.69% and a return on equity of 64.99%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the prior year, the firm earned $5.06 EPS. The business’s revenue 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. Analysts expect that Adobe Inc. will post 19.14 EPS for the current year.

Adobe declared that its board has approved a share repurchase program on Tuesday, April 21st that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 24.9% of its shares through open market purchases. Shares buyback programs are often 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.