Chevy Chase Trust Holdings LLC Sells 8,996 Shares of Adobe Inc. $ADBE

Chevy Chase Trust Holdings LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 3.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 239,560 shares of the software company’s stock after selling 8,996 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of Adobe worth $84,505,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ADBE. CX Institutional increased its holdings in shares of Adobe by 72.9% during the third 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 in the last quarter. Wright Investors Service Inc. raised its stake in shares of Adobe by 114.4% in the third quarter. Wright Investors Service Inc. now owns 9,919 shares of the software company’s stock valued at $3,499,000 after acquiring an additional 5,293 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Adobe by 185.1% in the 3rd quarter. Federated Hermes Inc. now owns 898,408 shares of the software company’s stock worth $316,913,000 after acquiring an additional 583,275 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of 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 acquiring an additional 32,448 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Adobe by 112.6% during the 3rd quarter. Victory Capital Management Inc. now owns 1,341,410 shares of the software company’s stock worth $469,467,000 after acquiring an additional 710,357 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 1,646 shares of Adobe stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $294.85, for a total value of $485,323.10. Following the completion of the sale, the chief financial officer directly owned 41,995 shares in the company, valued at $12,382,225.75. This trade represents a 3.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Key Stories Impacting Adobe

Here are the key news stories impacting Adobe this week:

• Positive Sentiment: Record Q1 results and AI traction — Adobe posted above‑consensus Q1 revenue and EPS and highlighted rapid AI-first ARR growth; management framed the quarter as an AI‑led acceleration, which supports the company’s long‑term revenue mix and margins. Adobe Delivers Record Q1 Results
• Neutral Sentiment: Guidance shows upside but raises questions — Adobe’s FY26 EPS range and Q2 outlook exceeded consensus, yet investors parsed the details (ARR cadence, freemium strategy) for sustainability before rewarding the stock. Adobe Q1 earnings & guidance
• Neutral Sentiment: Short‑interest figures reported inconsistently — publicly posted short data showed anomalous/zero values (NaN/0), so current short‑squeeze risk or bearish positioning is unclear.
• Negative Sentiment: DOJ settlement adds immediate cost and reputational overhang — Adobe agreed to a $150M package (roughly $75M cash + $75M in free services) to resolve claims about hard‑to‑cancel subscriptions, creating a headline liability and consumer‑facing remediation burden. Adobe agrees to pay $150 million to resolve alleged violations
• Negative Sentiment: CEO succession uncertainty — Shantanu Narayen announced he will step down once a successor is named (he will remain board chair), creating near‑term leadership uncertainty at a critical time for Adobe’s AI strategy and execution. Shantanu Narayen Announces Decision to Transition as Adobe’s CEO
• Negative Sentiment: Analyst downgrades and lower targets amplify selling — Several firms cut price targets or moved to neutral/equal‑weight, citing CEO transition and mixed ARR trends, which pressured sentiment and triggered further mark‑downs. These Analysts Cut Their Forecasts On Adobe Following Q1 Earnings

Adobe Stock Down 7.6%

Shares of ADBE opened at $249.32 on Friday. The firm has a market capitalization of $102.35 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 0.98 and a beta of 1.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.00 and a current ratio of 1.00. The business’s fifty day moving average price is $283.88 and its two-hundred day moving average price is $323.00. Adobe Inc. has a 52 week low of $244.28 and a 52 week high of $422.95.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 12th. The software company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.87 by $0.19. Adobe had a return on equity of 64.23% and a net margin of 29.48%.The company had revenue of $6.40 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the firm earned $5.08 EPS. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. 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, analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. Morgan Stanley dropped their price target on Adobe from $425.00 to $365.00 and set an “equal weight” rating for the company in a report on Friday. Wolfe Research reduced their price objective on Adobe from $450.00 to $440.00 and set an “outperform” rating on the stock in a research note on Thursday, December 11th. Wells Fargo & Company decreased their target price on Adobe from $420.00 to $405.00 and set an “overweight” rating on the stock in a report on Monday, March 9th. HSBC set a $302.00 target price on Adobe in a research note on Friday, February 13th. Finally, Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Hold” and an average target price of $347.85.

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.