Adobe Inc. (NASDAQ: ADBE) is a software company that develops tools for creative design, digital media, and enterprise document management. Its products include Photoshop, Acrobat, and Creative Cloud, which are widely used by professionals and businesses around the world. Shares recently traded around $356, giving the company a market value near $151 billion, though the stock has fallen more than 37% over the past year as enterprise demand softened and competition intensified.
Despite these challenges, Adobe remains one of the most profitable software franchises in the world, with gross margins near 89% and EBIT margins around 37%. Its shift to subscription-based Creative Cloud has created steady recurring revenue, while new investments in AI-driven tools like Firefly could shape the company’s next growth chapter.
Ownership of Adobe has also evolved. Once closely tied to its early creative software dominance, the stock is now firmly in the hands of global institutions, index funds, and large active managers. With insiders selling modest amounts and some funds boosting exposure while others trimming back, sentiment looks mixed.
Looking at who owns the stock and how insiders are trading gives a sense of what big investors really think about Adobe right now.
Who Are Adobe’s Top Shareholders?
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Adobe creates software for creative design, digital media, and enterprise workflows, making it a core player in both consumer and business markets. Its shareholder base is anchored by passive giants, while active managers show mixed conviction.
- Vanguard Group: 40.8M shares (9.6%), ~$14.6B. Trimmed ~120K (-0.3%).
- BlackRock: 25.3M shares (6.0%), ~$9.0B. Cut ~262K (-1.0%).
- State Street: 20.3M shares (4.8%), ~$7.2B. Flat (-0.02%).
- Geode Capital: 11.1M shares (2.6%), ~$4.0B. Added ~22K (+0.2%).
- Invesco (QQQ Trust): 8.8M shares (2.1%), ~$3.1B. Reduced ~51K (-0.6%).
- BlackRock Ireland: 5.2M shares (1.2%), ~$1.9B. Added ~369K (+7.6%).
- Norges Bank: 5.2M shares (1.2%), ~$1.9B. Sold ~494K (-8.6%).
- Capital World: 4.8M shares (1.1%), ~$1.7B. Added ~1.68M (+54%).
- Fisher Investments: 4.6M shares (1.1%), ~$1.6B. Cut ~77K (-1.7%).
- PRIMECAP Management: 4.2M shares (1.0%), ~$1.5B. Sold ~1.26M (-23.3%).
One highlight from last quarter is Renaissance Technologies, led by Jim Simons, which lifted its Adobe stake by more than 850% to roughly 547K shares worth $212 million. That kind of sharp increase looks like a strong show of confidence in the stock.
Another notable move came from Gamco Investors, run by Mario Gabelli, which grew its position by about 191% to just under 3K shares. While small in size, the jump suggests selective optimism from the value-focused investor.
Meanwhile, Gotham Asset Management, led by Joel Greenblatt, boosted its holding by nearly 190% to around 73K shares worth $28 million. For a hedge fund known for disciplined value investing, this may point to belief in Adobe’s long-term upside.
Vanguard and BlackRock keep ownership stable through index funds, but the moves from active managers are split. Capital World’s sharp increase shows confidence in Adobe’s long-term outlook, while cuts from Norges Bank and PRIMECAP suggest more caution.
For investors, this mix highlights uncertainty about whether Adobe can quickly return to stronger growth.
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Adobe’s Recent Insider Trades
Insider activity at Adobe has leaned toward modest selling, with multiple executives reducing small portions of their holdings in July at prices near $372 per share.
While none of these trades are large enough to shift ownership meaningfully, they still give a window into how leadership may be approaching their own exposure at a time when the stock is under pressure.
Here are some recent insider sales:
- Shantanu Narayen (CEO): ~1,875 shares sold
- David Wadhwani (Officer): ~906 shares sold
- Anil Chakravarthy (Officer): ~906 shares sold
- Daniel Durn (CFO): ~923 shares sold
- Gloria Chen (Officer): ~634 shares sold
- Jillian Forusz (Officer): ~44 shares sold
The sales look modest in scale and could be linked to diversification or preset trading plans. Still, the absence of insider buying stands out. It may suggest executives are hesitant to increase their stakes at current prices, leaving investors with a cautious signal rather than one of strong conviction.
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What the Ownership & Insider Trade Data Tell Us
Taken together, Adobe’s shareholder trends and insider activity point to a market that is cautious but not abandoning the stock. Large passive funds like Vanguard and BlackRock keep Adobe firmly anchored in global indexes, which provides stability.
At the same time, active managers are split. Capital World significantly boosted its stake, while Norges Bank and PRIMECAP trimmed heavily, reflecting very different views on the company’s near-term prospects.
On the insider side, selling has outweighed buying. The trades themselves are modest, but the lack of insider accumulation may hint that executives are waiting for clearer momentum before adding exposure.
For now, the signals are mixed. Institutions seem divided on whether Adobe can quickly reaccelerate growth, and insiders appear hesitant to commit more at current levels. Investors weighing Adobe today may want to focus on how well its AI initiatives and subscription model can offset slowing enterprise demand and determine whether sentiment turns more supportive in the quarters ahead.
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