Harel Insurance Cuts Adobe Stake 5.3% to $12.09M; First National Advisers Sells 73.8%
Harel Insurance Investments & Financial Services Ltd cut its Adobe Inc. stake by 5.3%, selling 1,920 shares to hold 34,305 shares worth $12.09M per its latest SEC Form 13F. First National Advisers LLC slashed its position by 73.8%, selling 8,524 shares to retain 3,028 shares valued at $1.07M.
1. Institutional Stake Reduction
In its latest Form 13F filing, Harel Insurance Investments & Financial Services Ltd. trimmed its Adobe position by 5.3% in the third quarter, selling 1,920 shares and holding 34,305 shares valued at $12.09 million. Smaller funds also shifted positions: LSV Asset Management expanded its stake by 350%, Nexus Investment Management initiated a position, and Horizon Financial Services increased its holdings by 4,000%, bringing new stakes ranging from $28,000 to $35,000. Overall, hedge funds and institutional investors now own 81.79% of Adobe’s outstanding shares, underscoring continued confidence among large players despite selective trimming.
2. Strong Quarterly Results and Bullish Guidance
Adobe reported quarterly adjusted earnings of $5.50 per share, beating consensus by $0.10, on revenue of $6.19 billion versus estimates of $6.11 billion. Revenue growth of 10.5% year-over-year drove a net margin of 30.0% and a return on equity of 61.3%. Management set Q1 fiscal 2026 earnings guidance at $5.85–$5.90 per share and full-year EPS guidance at $23.30–$23.50, while analysts collectively forecast $16.65 in EPS for the current fiscal year. These figures highlight Adobe’s durable growth in digital media and experience platforms.
3. Analyst Ratings and Consensus Targets
Equity research firms have been active on Adobe shares: TD Cowen moved to a hold rating with a lowered target, Goldman Sachs initiated coverage with a sell rating, and several firms including Robert W. Baird and BMO Capital Markets adjusted their outlooks to market-perform. Of the 28 analysts tracked by MarketBeat, eleven maintain buy ratings, twelve are on hold, and four have sell ratings, resulting in an average consensus target of $402.85. This mix of opinions reflects ongoing debate over valuation versus growth prospects.
4. Insider Selling and Financial Profile
Chief Accounting Officer Jillian Forusz sold 149 shares in late October, reducing her personal stake by 4.17%. Insiders collectively own 0.16% of Adobe. The company holds a market capitalization of $123.96 billion, trades at a price-to-earnings ratio of 17.7 with a P/E-to-growth ratio of 1.17, and maintains a conservative balance sheet with a current ratio of 1.00, quick ratio of 1.02 and a debt-to-equity ratio of 0.53. These metrics underscore Adobe’s solid liquidity and moderate leverage position.