Intech Investment Management Reduces $18M in Adobe Inc. ($ADBE)
Intech trims its Adobe stake by over 90,000 shares in latest filing.
Key Points
- Intech Investment Management cut its Adobe stake by 90,852 shares, reducing its position by 31% to 198,729 shares, valued at $40.5 million.
- Adobe shares are trading around $204.02, with a market cap of $82.5 billion and a forward P/E of 7.46.
- BlackRock increased its Adobe holdings by 379,718 shares, while State Street trimmed its position by 560,546 shares.
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Intech Investment Management has decided to reduce its stake in Adobe Inc. (NasdaqGS: ADBE) by 31.4%. According to its latest 13F filing with the SEC, Intech cut its holdings by 90,852 shares, bringing its total to 198,729 shares valued at approximately $40.5 million as of the reporting period.
What Changed in Intech's Adobe Position
Intech Investment Management's recent filing reveals a significant reduction in its Adobe position. The fund slashed its holdings from 289,581 shares to 198,729 shares, a decrease of 90,852 shares, which equates to a 31.4% cut. The total value of Intech's remaining stake in Adobe is now about $40.5 million.
Other Institutional Activity in Adobe
Other major institutional investors have also been active in Adobe. BlackRock, Inc. grew its holdings by 379,718 shares, ending with 40,809,940 shares worth approximately $9.92 billion. Vanguard Capital Management LLC acquired 26,679,971 shares, bringing its total to the same number, valued at $6.49 billion. State Street Corp reduced its position by 560,546 shares, holding 19,913,187 shares valued at $4.84 billion. Geode Capital Management, LLC added 195,210 shares, reaching a total of 11,726,888 shares worth about $2.85 billion.
Adobe Inc. Stock Down 30.7%
Shares of Adobe Inc. are trading near $204.02. The company has a market cap of approximately $82.5 billion, with a P/E ratio of 11.67 and a forward P/E of 7.46. Adobe's stock has seen a 52-week low of $196.90 and a high of $405.00. The 50-day moving average is $244.89, while the 200-day moving average is $298.34. The company's current ratio is 0.75, and its quick ratio is 0.63, with a debt-to-equity ratio of 61.34.
Recent Earnings
Adobe reported revenue of $25.20 billion, reflecting a growth rate of 12.7%. The company's net margin stands at 28.69%, with a return on equity of 62.95%. Adobe's earnings per share (EPS) is $17.48. The next earnings report is expected on September 10, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
17 target cuts vs 0 raises.
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EPS & revenue
EPS met estimates. Revenue beat estimates by 0.5%.
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Profit surprise
EBITDA missed by 26 percent. Operating income missed by 24 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
2 downgrades, 17 target cuts.
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Earnings quality
Operating margin down 2.1 points. Positive free cash flow.
Earnings Call Summary
Adobe reported $6.62 billion in revenue, beating consensus by $33 million, but missed earnings at $5.96 non-GAAP EPS versus expected $5.83. The company is pivoting to a freemium strategy, growing Creative Cloud freemium users from 50 million to 90 million and Acrobat users from 700 million to 850 million. Firefly AI revenue approached $300 million and grew 50 percent quarter over quarter. Management stressed that capturing traffic and user engagement now is more important than short-term profit, similar to how Acrobat Reader became a long-term moat.
Guidance Adobe expects $20.5 billion to $20.6 billion in revenue for the full year, raising its prior target. For next quarter, the company guides to $6.67 billion to $6.72 billion in revenue. The company is investing heavily in freemium products and deferring Creative Cloud price increases to capture new users and build long-term growth.
Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.
Insider Buying and Selling at Adobe Inc.
Several insiders at Adobe have been active in trading the company's stock. On April 30, 2026, Jillian Forusz, SVP & CAO, sold 755 shares. Shantanu Narayen, Chair and CEO, sold 75,000 shares on April 28, 2026. Daniel Durn, EVP & CFO, sold 1,336 shares on April 20 and 2,384 shares on April 15, 2026. Spencer Adam Neumann bought 1,367 shares on April 15, 2026. Lara Balazs, Chief Marketing Officer & EVP, sold 2,537 shares on the same day.
Analysts Set New Price Targets
On June 12, 2026, several analysts updated their ratings on Adobe. Citigroup maintained a 'hold' rating with a $228 price target. Goldman Sachs continued with a 'sell' rating and a $190 target. Jefferies also maintained a 'hold' rating, setting a target of $230. JP Morgan upheld its 'buy' rating with a target of $340. RBC Capital reiterated a 'buy' rating, aiming for $285. UBS maintained a 'hold' rating with a $225 target, while Wells Fargo kept a 'buy' rating with a $250 target. The consensus among 32 analysts is a 'buy', with a mean price target of $329.33.
About Adobe Inc.
Adobe Inc., headquartered in San Jose, California, is a major player in the technology sector, specializing in software applications. The company serves a diverse range of customers, including photographers, video editors, and marketers, through its Digital Media and Digital Experience segments. Adobe's solutions facilitate content creation, publishing, and customer experience management. The company is led by CEO Shantanu Narayen and employs over 31,000 people globally.
Bottom Line
Intech Investment Management's decision to cut its stake in Adobe by over 90,000 shares signals a shift in its investment strategy. While Adobe's stock has experienced volatility, the company's strong market position and recent earnings growth keep it in the spotlight. This 13F filing provides a historical snapshot and might not reflect Intech's current position. Investors often track these filings to gauge institutional sentiment and potential market trends.
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