Shantanu Narayen, Chair and CEO of Adobe Inc. (NASDAQ:ADBE), disclosed a series of common stock sales totaling 124,000 shares across September 16 and 17, 2026, in a statement of changes in beneficial ownership filed on September 18, 2026.

Key Highlights

  • Reporting person: Shantanu Narayen, identified in the filing as Chair and CEO of Adobe Inc.
  • Total shares sold: 74,500 shares on September 16, 2026, and 50,500 shares on September 17, 2026, across twelve separate transaction lines, all coded as disposals (S).
  • Price range: Weighted average execution prices ranged from $246.0861 to $253.6366 per share across all transactions, with individual trade prices spanning from $245.595 to $253.74.
  • Post-transaction ownership: Following all reported sales, 238,724 shares of Adobe common stock are beneficially owned indirectly by the reporting person.
  • Holding structure: All shares sold and remaining shares are held indirectly by The Narayen Family Trust, dtd 11/30/00, of which the reporting person is a trustee.
  • Stated purpose: According to the filing, "The sale was primarily made for the reporting person's tax and estate planning purposes."

Narayen's Adobe Share Sales Across September 16 and 17, 2026

According to the filing, Shantanu Narayen disposed of Adobe Inc. common stock across twelve separate transaction lines over two consecutive trading days. On September 16, 2026, five transactions were reported, covering 8,358 shares at a weighted average of $250.2245, 33,001 shares at $251.0333, 20,716 shares at $252.0287, 11,495 shares at $253.0598, and 930 shares at $253.6366. Each of these transactions was executed in multiple trades within defined price bands, with weighted average prices reported per the filing's explanation of responses.

On September 17, 2026, seven additional transaction lines were reported. These covered 1,378 shares at $246.0861, 3,430 shares at $247.3596, 7,168 shares at $248.1427, 10,313 shares at $249.1717, 17,595 shares at $250.1868, 9,978 shares at $251.0237, and 638 shares at $251.7602. All sales were conducted through The Narayen Family Trust, dtd 11/30/00, with the reporting person serving as trustee, making all ownership indirect in form. Adobe Inc. is a software company whose common stock trades on NASDAQ under the symbol ADBE.

The filing notes that each weighted average price reflects executions across multiple sub-trades, and that the reporting person "undertakes to provide upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range." Following all reported transactions, the filing states that 238,724 shares remain beneficially owned indirectly by the reporting person through the trust. The filing was signed by Jillian Forusz as attorney-in-fact on September 18, 2026.

What Was Disclosed

Adobe Inc. Chair and CEO Shantanu Narayen disclosed the disposal of common stock across two trading days via a family trust, citing tax and estate planning purposes. Post-transaction indirect beneficial ownership stands at 238,724 shares, according to the filing.