Midwest Trust 13F: Cuts Adobe (ADBE) Stake by $13M
Key Points
- Midwest Trust cut its Adobe Inc. position by 87.6%, ending the period with 7,444 shares valued at about $1.8 million.
- Other major funds adjusted their stakes, with Axxion S.A. trimming its position and Amundi expanding its holdings.
- Adobe shares recently traded around $270.65 as the software maker prepares to report earnings on December 9, 2026.
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In a Form 13F filing with the SEC on October 22, 2026, Midwest Trust disclosed that it cut its stake in Adobe Inc. ADRBE by 52,600 shares.
ADBE
Adobe Inc.
What Changed in Midwest Trust's Adobe Inc. Position
Midwest Trust lowered its holdings by an 87.6% decrease during the period, bringing its total down to 7,444 shares. The remaining stake carried a reported value of about $1.8 million at the time of the filing, down from its previous holding of 60,044 shares.
Other Institutional Activity in Adobe Inc.
Axxion S.A. grew its holdings by -4,300 shares, ending with 21,318 shares worth about $5.1 million with a -16.8% change. Arrowstreet Capital, Limited Partnership reduced its stake by 5,434 shares, ending with 6,787,022 shares worth about $1.8 billion with a -0.1% change. Amundi grew its holdings by 518,247 shares, ending with 5,242,464 shares worth about $1.4 billion with an 11.0% change. Primecap Management Company grew its holdings by 496,268 shares, ending with 5,227,139 shares worth about $1.4 billion with a 10.5% change.
Adobe Inc. Stock Up 5.4%
Adobe shares recently traded around $270.65 as of October 23, 2026, sitting right around the closing price of $270.55 recorded on the filing date of October 22, 2026.
Recent Earnings
Adobe Inc. generated trailing twelve month revenue of $26.0 billion and posted a trailing twelve month earnings per share of $17.91. The company reports a net profit margin of 28.0% and a return on equity of 61.9%. Its next earnings report 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 completed several transactions prior to the filing. CEO Shantanu Narayen disposed of 75,000 shares valued at about $18.3 million on April 28, 2026. Officer Jillian Forusz sold 755 shares at an average price of $246.24 for a total of $185,915 on April 30, 2026, and later sold 416 shares at $264.33 on July 29, 2026. Director David A Ricks bought 10,000 shares at $194.51 on June 25, 2026, totaling about $1.9 million.
Analysts Set New Price Targets
Wall Street research firms updated their outlooks ahead of the filing. Citigroup maintained a neutral rating on September 11, 2026 while lowering its target from $301.00 to $250.00. JP Morgan maintained an overweight rating on the same day, adjusting 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, and HSBC cut its rating to hold with a $267.00 target. The stock holds a consensus hold rating and a mean price target of $272.31.
About Adobe Inc.
Adobe Inc. operates as a technology company providing digital media software and cloud services for content creation, publishing, and marketing worldwide. Its applications support a broad user base ranging from individual creators to major enterprises.
Bottom Line
Investors will look toward the software maker's next financial update on December 9, 2026, for further clarity on its growth trajectory. Additional institutional reports will continue to show how large asset managers position themselves in the stock.
Related Filing Alerts
Source: Midwest Trust'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