During the third quarter, E. Ohman J. or Asset Management AB sold 63,644 shares of Adobe, reducing its position by 77.9%. Post-transaction, the fund held 18,014 shares valued at $6.35 million based on its latest SEC filing. This divestiture represents one of the largest single-quarter reductions among institutional holders, contributing to a decline in the fund’s exposure to Adobe from roughly $28 million at the end of Q2 to $6.35 million heading into Q4. Institutional ownership of Adobe remains high at 81.79%.

In recent weeks, five major brokerages updated their outlook on Adobe. Mizuho lowered its target from $410 to $390 and maintained an outperform rating, Jefferies trimmed its target from $590 to $500 with a buy rating, UBS held firm at $487 with a neutral stance, Weiss Ratings reiterated a hold (c) assessment, and Redburn set a $280 objective. Among 29 analysts covering the stock, one recommends Strong Buy, 14 recommend Buy, 11 assign Hold and three advise Sell, resulting in an average consensus target of $417.93.

In its fourth-quarter results, Adobe reported revenue of $6.19 billion, up 10.5% year-over-year, and non-GAAP earnings per share of $5.50, beating consensus by $0.10. Net margin reached 30.0%, and return on equity stood at 61.28%. Management highlighted that AI-first annual recurring revenue now accounts for nearly one-third of total ARR, with generative credit consumption tripling quarter-over-quarter and Firefly adoption accelerating. Guidance for the upcoming fiscal year targets EPS between 23.30 and 23.50 and first-quarter EPS between 5.85 and 5.90.