During the third quarter, E. Ohman J or Asset Management AB reduced its position in Adobe by 77.9%, selling 63,644 shares and ending the period with 18,014 shares valued at approximately $6.35 million. In the same quarter, Carnegie Investment Counsel cut its holdings by 85.5%, offloading 80,436 shares and retaining 13,644 shares worth about $4.81 million. Other funds, including Brighton Jones LLC, Quantbot Technologies LP and Magnetar Financial LLC, made modest additions or initiated small positions, while institutional ownership remains high at 81.8% of the float.

Brokerages have recently adjusted their outlook on Adobe. Mizuho trimmed its target and maintained an outperform rating, UBS reaffirmed a bullish view with an elevated price objective, Jefferies lowered its target while keeping a buy rating, Weiss Ratings reiterated a hold stance and Redburn Partners retained a conservative price target. Of 29 analysts covering the stock, one rates it strong buy, 14 rate it buy, 11 rate it hold and three rate it sell, resulting in an average consensus of hold.

In its latest quarter, Adobe reported non-GAAP EPS that exceeded consensus by $0.10 and delivered revenue above expectations by roughly $80 million, driving a net margin of 30.0% and a return on equity of 61.3%. Revenue grew 10.5% year-over-year to $6.19 billion. For the coming period, management guided Q1 EPS to a range of 5.85–5.90 and full-year EPS to 23.30–23.50; sell-side forecasts for the current fiscal year EPS average 16.65.

Chief Accounting Officer Jillian Forusz sold 149 shares in late October, reducing her stake by 4.17% to 3,426 shares. Insider ownership remains minimal at 0.16% of the company’s outstanding shares.