Adobe Inc. NASDAQ:ADBE disclosed a series of insider transactions by Executive Vice President and Chief Financial Officer Daniel Durn that were filed with the Securities and Exchange Commission.
According to the Form 4 filing, Durn sold 1,646 shares of Adobe common stock on January 27, 2026, at a price of $294.8501 per share. The transaction produced total proceeds of $485,323. The sale occurred while Adobe shares were trading near a 52-week low of $288.33, and the stock has fallen roughly 33% over the prior 12 months.
The filing further reports activity earlier in the week. On January 24, 2026, Durn exercised options to acquire 15,660 shares of Adobe common stock at an exercise price of $0. As part of the transaction, 8,296 of those shares were surrendered to cover tax obligations at a price of $301.07, in a transaction with a reported total value of $2,467,569.
In addition to the exercised options and the later sale, the filing indicates Durn acquired 27,631 restricted stock units.
Financial context cited in the filing
The filing includes financial performance indicators and evaluative metrics that accompany the insider disclosures. The company is reported to have gross profit margins of 89.27% and a PEG ratio of 0.49. An overall evaluation score of "GOOD" is also noted in the materials filed alongside the transaction.
Management activity is also highlighted: the company has been conducting share repurchases. The filing materials note continued aggressive buybacks by Adobe's management.
Executive compensation plans and performance targets
Separately reported corporate actions described in the filings and accompanying materials outline Adobe's 2026 executive compensation framework. Two elements are identified: a Performance Share Program and an Executive Annual Incentive Plan. The Performance Share Program will award shares based on relative total stockholder return, while the Executive Annual Incentive Plan uses annualized recurring revenue growth targets for the period 2026 to 2028.
Participants in these programs can earn up to 200% of target share awards, and vesting conditions extend through 2029.
Analyst actions
The filing materials also summarize recent analyst coverage and rating changes. Goldman Sachs is reported to have downgraded Adobe to a Sell rating with a $290 price target, citing a significant discount in its earnings multiple relative to peers. BMO Capital is described as having downgraded the stock from Outperform to Market Perform, highlighting competitive pressures in the creative market. Jefferies is reported to have downgraded Adobe to Hold, noting competitive pressures from AI-related competition.
In the same set of reporting, BMO Capital is also recorded as noting better-than-expected performance in net new Annual Recurring Revenue and total revenues, and as maintaining an Outperform rating with a revised price target of $400.
What the filings show and what they do not
The disclosures provide a clear record of the transactions by the CFO: exercised options, shares surrendered for taxes, receipt of restricted stock units, and a subsequent open-market sale. They also document the company-provided financial metrics, executive compensation design, and a summary of recent analyst opinions. The filings do not offer additional commentary from management about the timing or purpose of the transactions beyond the standard reporting requirements.