AMF Tjanstepension 13F: Adds $3.9M to Adobe (ADBE) Stake
Key Points
- AMF Tjanstepension grew its Adobe Inc. position by 16,170 shares to reach a total of 705,217 shares worth about $169.2 million in an October 22, 2026 filing.
- Adobe shares recently traded around $260.55, remaining above their 50-day and 200-day moving averages as the company prepares for its next earnings report on December 9, 2026.
- Wall Street sentiment includes recent target updates from firms like Wells Fargo and HSBC, contributing to a hold consensus across 32 analyst opinions.
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What Changed in AMF Tjanstepension's Adobe Inc. Position
AMF Tjanstepension expanded its holdings in Adobe Inc. (NasdaqGS: ADBE), adding 16,170 shares during the period. The fund reported owning 705,217 shares valued at roughly $169.2 million in a Form 13F filing on October 22, 2026, representing a 2.3% increase from its prior count of 689,047 shares.
ADBE
Adobe Inc.
Other Institutional Activity in Adobe Inc.
Other large funds have also adjusted their positions in the software maker. Arrowstreet Capital, Limited Partnership trimmed its holdings by 5,434 shares to finish with 6,787,022 shares valued at about $1.84 billion. Amundi grew its holdings by 518,247 shares, ending with 5,242,464 shares worth about $1.42 billion. Primecap Management Company lifted its stake by 496,268 shares, bringing its total to 5,227,139 shares valued at about $1.41 billion.
Adobe Inc. Stock Up 1.5%
Adobe shares closed at $270.55 on October 22, 2026, and recently traded around $260.55. The stock sits above both its 50-day moving average of $255.68 and its 200-day moving average of $252.93, while trading below its 52-week high of $363.70.
Recent Earnings
Adobe operates with trailing twelve-month revenue of $26.0 billion and earnings of $17.91 per share. The company reports a net profit margin of 28.0% alongside a return on equity of 61.9%. Its next quarterly earnings update is scheduled for December 9, 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.
Company insiders have made several moves in recent months. Chief Executive Officer Shantanu Narayen disposed of 75,000 shares on April 28, 2026, valued at about $18.3 million. Officer Jillian Forusz sold 755 shares on April 30, 2026, at $246.24 per share for a total value of $185,915, and later sold 416 shares on July 29, 2026, at $264.33 per share totaling $109,961. Meanwhile, Director David A Ricks purchased 10,000 shares on June 25, 2026, at $194.51 per share for a total value of about $1.95 million.
Analysts Set New Price Targets
Wall Street firms have adjusted their outlooks on the software provider ahead of upcoming reports. On September 11, 2026, Citigroup maintained a Neutral rating while lowering its price target from $301.00 to $250.00. On the same day, JP Morgan maintained an Overweight rating and reduced its target from $340.00 to $315.00. DA Davidson maintained a Buy rating on September 14, 2026, raising its target from $250.00 to $290.00. Later, Wells Fargo downgraded the stock to Underweight with a $225.00 target on October 12, 2026, down from $270.00. HSBC also downgraded the stock to Hold on October 13, 2026, lowering its target from $310.00 to $267.00. Across 32 analyst opinions, the stock carries a consensus hold rating with a mean price target of $272.31.
About Adobe Inc.
Adobe Inc. develops creative and document software tools used by photographers, designers, students, and enterprises worldwide. Its digital media segment provides applications that help users create, publish, and promote digital content across various platforms.
Bottom Line
Investors will look toward Adobe's upcoming earnings report on December 9, 2026, for further guidance on software demand and profit margins. Monitoring subsequent institutional filings will also show whether major funds continue adjusting their software sector holdings.
Related Filing Alerts
Source: AMF Tjanstepension's 13F filing on $ADBE (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts