Adobe Trims Wayward Stake Amid Leadership Transition

Brevan Howard Capital Management LP reduces its Adobe holdings by nearly 80% in Q3 2025 as the software giant faces headwinds.

Mar. 16, 2026 at 8:53am

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Brevan Howard Capital Management LP, a major institutional investor, has trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 79.6% in the third quarter of 2025, according to a recent SEC filing. The firm now holds just 11,549 shares of the software company's stock, down from 56,488 shares previously. This move comes as Adobe navigates a leadership transition, with CEO Shantanu Narayen announcing plans to step down once a successor is named.

Why it matters

Adobe's stock has faced pressure in recent months due to a mix of factors, including a $150 million settlement with the Department of Justice over allegations of hard-to-cancel subscriptions, as well as analyst downgrades and lower price targets citing the CEO transition and mixed trends in the company's annualized recurring revenue (ARR). Brevan Howard's significant reduction in its Adobe position suggests broader investor uncertainty around the company's near-term outlook.

The details

According to the SEC filing, Brevan Howard Capital Management LP sold 44,939 shares of Adobe during the third quarter, leaving the firm with just 11,549 shares of the software company's stock. This represents a 79.6% reduction in Brevan Howard's Adobe holdings. The move comes as Adobe faces a leadership transition, with CEO Shantanu Narayen announcing plans to step down once a successor is named. The company has also recently faced headwinds, including a $150 million settlement with the Department of Justice and analyst downgrades citing concerns over the CEO transition and ARR trends.

  • Brevan Howard Capital Management LP trimmed its Adobe position in the third quarter of 2025.
  • Shantanu Narayen announced plans to transition out of his role as Adobe's CEO in 2025.

The players

Brevan Howard Capital Management LP

A major institutional investor that has significantly reduced its stake in Adobe Inc.

Shantanu Narayen

The current CEO of Adobe Inc. who has announced plans to step down once a successor is named.

Adobe Inc.

A global software company that develops tools and services for creative professionals, marketers, and enterprises.

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