E. Ohman J or Asset Management AB slashed its holding in Adobe by 77.9% during the third quarter, offloading 63,644 shares and retaining just 18,014 shares valued at $6.354 million as of the latest SEC filing. This sizeable divestiture represents a significant shift for a fund that had previously maintained a multi-million-dollar position, potentially signaling a change in sentiment toward Adobe’s near-term growth trajectory.

Other institutional investors have also rebalanced their Adobe exposure. Brighton Jones LLC modestly increased its stake by 2.1%, adding 167 shares to reach 8,068 shares valued at $3.588 million. Magnetar Financial LLC amplified its position by 254%, purchasing 1,852 additional shares for a total holding of 2,581 shares worth $990,000. Evergreen Capital Management LLC boosted its allocation by 88.3%, acquiring 2,846 shares to hold 6,069 shares valued at $2.328 million. Quantbot Technologies LP and WPG Advisers LLC each established new, albeit small, positions valued at $59,000.

Analysts remain cautiously optimistic on Adobe. Among 29 covering analysts, one assigns a Strong Buy rating, fourteen recommend Buy, eleven recommend Hold and three issue Sell ratings, resulting in a consensus Hold view. Price targets have been trimmed in recent weeks, with standout adjustments including a reduction from $590 to $500 by Jefferies and a lower target of $390 from Mizuho, while UBS maintains a more bullish $487 objective. The average target across the analyst community stands at $417.93.

In its latest quarter, Adobe delivered revenue of $6.19 billion, up 10.5% year-over-year, and non-GAAP EPS of $5.50, exceeding consensus by $0.10. The company reported a net margin of 30.0% and return on equity of 61.3%. Management issued guidance for Q1 fiscal 2026 EPS of $5.85 to $5.90 and full-year EPS of $23.30 to $23.50, reflecting expectations for continued mid-teens revenue growth and sustained profitability in its digital media and digital experience segments.