DOSSIER · 13F Holders · Q1 2026Technology · Software - Infrastructure
ADBE

ADOBE INC

2,287 institutions still hold ADOBE INC as of Q1 2026. Tracked across SEC 13F-HR filings, with insider and 13D/G activity surfaced alongside.

CUSIP 00724F101·Software - Infrastructure·2,287 13F holders·last filed Mar 31, 2026
Market cap
$200.0B
13F value held
$48.6B
visible holders
Holders
2,287
filers reporting
Concentration
20.39%
BlackRock, Inc. #1
top holder share
AI Holders Summary · Q1 2026

Adobe Inc.'s institutional base of 3,000+ holders and $114B in reported value reflects its status as the closest thing software has to a consumer-staples stock: a company with dominant market position, recurring subscription revenue, and pricing power that has historically insulated it from competitive cycles. The top-holder roster includes the usual core-holdings suspects — Capital Research, T. Rowe Price, Jennison, Fidelity — alongside technology-specialist active managers who have held Adobe through multiple product transitions. The analytical edge Adobe offers institutional holders is the content-economy thesis: as digital content production scales across enterprises and creators, Adobe's Creative Cloud and Document Cloud become infrastructure. The AI-anxiety question — whether generative-AI tools will disrupt Adobe's pricing power — is the one active debate that explains why some technology specialists have reduced positions while others have held or added.

The subscription model is the structural argument. Adobe's shift to SaaS (Creative Cloud, Document Cloud, Experience Cloud) transformed the business from perpetual-license revenue — which created lumpy upgrade cycles — into recurring annual subscriptions that are effectively sticky once embedded in enterprise workflows. That stickiness is the quality characteristic that institutional holders price: Adobe churns very few customers, and switching costs rise with the depth of embedded usage.

The AI disruption question is the debate. Generative AI tools — particularly image and video generation — threaten to commoditize some of Adobe Creative Cloud's core use cases. The institutional response has been mixed: some technology specialists have trimmed positions, citing the risk that AI-first design tools will pull demand downstream from traditional creative workflows. Others have held or added, arguing that Adobe's own AI features (Firefly, Sensei) turn the disruption into a product upgrade cycle rather than a competitive threat.

Top holders

Sorted by position value. Source: SEC EDGAR 13F-HR filings.

#HolderValueShares% port.Quarter
01
BlackRock, Inc.
CIK 0002012383
$9.9B40.8M0.17%Q1 2026
02
VANGUARD CAPITAL MANAGEMENT LLC
CIK 0002100119· Index
$6.5B26.7M0.16%Q1 2026
03
STATE STREET CORP
CIK 0000093751
$4.8B19.9M0.17%Q1 2026
04
Invesco Ltd.
CIK 0000914208
$3.4B14.1M0.34%Q1 2026
05
SUSQUEHANNA INTERNATIONAL GROUP, LLP
CIK 0001446194· Market maker
$3.1B12.6M0.34%Q1 2026
06
GEODE CAPITAL MANAGEMENT, LLC
CIK 0001214717· Index
$2.8B11.7M0.18%Q1 2026
07
Vanguard Portfolio Management
CIK 0002100121· Index
$2.4B10.0M0.13%Q1 2026
08
CITADEL ADVISORS LLC
CIK 0001423053
$1.8B5.2M0.27%Q4 2025
09
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
CIK 0001164508
$1.7B6.8M0.89%Q1 2026
10
MORGAN STANLEY
CIK 0000895421
$1.4B5.7M0.08%Q1 2026
11
Bank of New York Mellon Corp
CIK 0001390777
$1.3B5.2M0.23%Q1 2026
12
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC
CIK 0000861177
$1.2B5.0M0.25%Q1 2026
13
NORTHERN TRUST CORP
CIK 0000073124· Index
$1.2B4.8M0.15%Q1 2026
14
PRIMECAP MANAGEMENT CO/CA/
CIK 0000763212
$1.1B4.7M0.91%Q1 2026
15
Amundi
CIK 0001330387
$1.1B4.7M0.31%Q1 2026
16
GOLDMAN SACHS GROUP INC
CIK 0000886982
$1.0B4.3M0.12%Q1 2026
17
AQR CAPITAL MANAGEMENT LLC
CIK 0001167557
$1.0B4.2M0.47%Q1 2026
18
JANE STREET GROUP, LLC
CIK 0001595888· Market maker
$995M4.1M0.13%Q1 2026
19
D. E. Shaw & Co., Inc.
CIK 0001009207
$944M2.7M0.52%Q4 2025
20
DEUTSCHE BANK AG\
CIK 0000948046
$827M3.4M0.27%Q1 2026
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Insiders at ADOBE INC
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