Ro Khanna × ADBE

This June 2025 sell of approximately $15,001 in Adobe stands out as one of the larger single transactions in the disclosed record for this pairing, coming in at roughly 15 times the median trade size of $1,001. The disclosure was filed on July 9, 2025, just 16 days after the trade date, which is prompt relative to both Kapitol's internal flag threshold and the statutory deadline. No clustering with other members was detected in the surrounding window. The size anomaly is the primary signal here. Khanna sits as Ranking Member on the Subcommittee on Cyber, Information Technologies, and Innovation, giving him routine exposure to policy discussions touching enterprise software procurement and digital modernization. Adobe holds significant federal contracts in those domains. Across 93 disclosed trades in this ticker, trades at this size tier appear infrequently, making the scale worth noting even in the absence of other concurrent signals.

This July 2025 purchase of approximately $15,001 in Adobe mirrors the outsized sell recorded about a month earlier, suggesting the family trust re-entered the position at a comparable dollar value. At nearly 15 times the median trade size for this pairing, the buy qualifies as an outlier by Kapitol's internal sizing metric. Disclosure was filed on August 7, 2025, just 13 days after the trade, well ahead of any applicable threshold. No member clustering was detected. The back-to-back large sell and large buy in the same ticker across a five-week span is a notable behavioural pattern within the broader 93-trade history. Khanna's role as Ranking Member on the House Armed Services subcommittee covering DOD cybersecurity and information technology gives him routine policy exposure to enterprise software firms like Adobe, which holds federal contracts in cloud and digital workflow services.

This August 4, 2025 sell of $1,001 in Adobe fired two signals simultaneously: a late disclosure and a member cluster. The filing arrived on September 9, 2025, 36 days after the trade. That delay exceeds Kapitol's 30-day internal flag threshold but remains within the 45-day STOCK Act statutory deadline, so no legal breach is indicated. More notable is that three members of Congress disclosed Adobe trades within the surrounding 14-day window, meeting Kapitol's clustering threshold. When multiple legislators trade the same name in close proximity, it can reflect shared sector-level sentiment or concurrent information flows, though it may also reflect coincidental portfolio activity. The trade itself is at the minimum disclosed size tier. Across 93 total disclosed trades in this ticker, this is one of the few instances where both a late-filing flag and a member cluster occur together, making the combination worth tracking even at the minimum trade size.

This August 19, 2025 sell of $1,001 in Adobe carries no deterministic signal flags. The filing delay of 21 days is inside Kapitol's 30-day threshold, the trade size matches the portfolio median, and the two-member window count fell just below the clustering trigger. The trade appears part of a broader pattern of incremental position reduction: four separate sell transactions in Adobe were disclosed in August and September 2025, all at the minimum tier. That kind of systematic, same-direction activity across a short window can reflect either a programmatic liquidation strategy or a gradual exit from the position. Taken in isolation this transaction is unremarkable, but viewed alongside the surrounding trades, it contributes to a sequential sell sequence that is worth noting. Khanna's committee exposure to technology oversight and federal software procurement remains a structural backdrop across all trades in this name, regardless of individual signal status.

This August 25, 2025 sell of $1,001 in Adobe is the third in a sequence of minimum-tier sells recorded in August 2025. No individual signal flags fire: the disclosure delay is 15 days, well within all applicable thresholds; the trade size is at the portfolio median; and no member clustering was detected. The trade's significance lies primarily in its context within a run of consecutive sells across a compressed timeframe. The family trust disclosed sell transactions on August 4, August 19, August 25, and August 26, all in Adobe, all at $1,001. This tight sell sequence may reflect a structured drawdown strategy consistent with routine portfolio rebalancing, but it is a pattern that Kapitol's 93-trade record for this pairing provides important context for. Khanna's role on technology-focused House committees adds structural relevance to the pairing even when no individual trade triggers a flag.

This August 26, 2025 sell of $1,001 in Adobe is the fourth consecutive same-direction, minimum-tier trade in Adobe within a span of roughly three weeks. As with the August 25 trade recorded one day earlier, no individual signals fire: the 14-day disclosure delay is prompt, the size is at the median, and no clustering threshold was met. However, the context of four sequential sells in a single name, all at the minimum disclosed bracket, filed as a batch on September 9, 2025, is a pattern worth noting. Batch filing of multiple trades under a single disclosure date is consistent with trust-managed accounts, where activity may be logged and reported in periodic batches rather than on a per-trade basis. Khanna has publicly noted that the trades are managed by his wife's trust. The committee overlap signal remains a structural consideration given Adobe's federal sector presence.

This September 29, 2025 sell of $1,001 in Adobe was disclosed in just four days, making it the fastest-filed transaction in this ten-trade sample. No size or clustering flags fire. The rapid turnaround contrasts with the batch filings observed for the August trades, where multiple transactions were grouped under a single September 9 disclosure date. That variation in disclosure cadence is consistent with trust-managed accounts, where filing timing may depend on when the trustee reports activity rather than on a fixed per-trade schedule. Taken in the broader context of 93 disclosed trades in Adobe, this transaction continues a sell pattern that began in August. The two-member window count for this trade is just one below the clustering threshold, which may warrant watching if activity in the name by other legislators increases in coming weeks. Khanna's committee roles provide ongoing structural relevance to the pairing.

This November 3, 2025 buy of $1,001 in Adobe was filed on December 8, 2025, a delay of 35 days that exceeds Kapitol's 30-day internal flag threshold. The filing remains within the 45-day STOCK Act statutory deadline, so no legal violation is indicated. This is the second late-filing flag in this ten-trade sample, the first being the August 4 sell. Both late filings were part of batch disclosures: the August trades were filed together on September 9, and this November buy was filed alongside a November 10 sell and November 12 buy on December 8. The batch pattern is consistent across this record and likely reflects the mechanics of trust-managed reporting rather than deliberate disclosure avoidance. The buy also represents a directional reversal from the prior sell sequence, suggesting the trust was rebuilding exposure to Adobe heading into late 2025. Across 93 total trades, this kind of buy-after-sell pattern has recurred. Khanna's committee oversight of technology and cybersecurity policy remains a structural backdrop.

This November 10, 2025 sell of $1,001 in Adobe was filed on December 8, 2025, a 28-day delay that comes within two days of Kapitol's internal 30-day flag threshold but does not cross it. The trade falls between the November 3 buy and November 12 buy, making it a sell sandwiched between two purchases within a nine-day window. That buy-sell-buy pattern over a compressed period could reflect tactical rebalancing or position sizing adjustments by the trust manager. The December 8 batch filing covered all three November trades simultaneously. The two-member clustering count for this trade's window again falls just short of the threshold. No size signal fires. This trade's individual profile is low signal, but its position within the November cluster of three trades in the same ticker is the more analytically relevant feature. The 93-trade history for this pairing indicates this kind of tight, multi-directional activity in Adobe has occurred before.

This November 12, 2025 buy of $1,001 in Adobe completes the three-trade November sequence: a buy on November 3, a sell on November 10, and this buy two days later. All three were filed together on December 8, 2025. The 26-day disclosure delay for this trade is inside Kapitol's flag threshold. No size or clustering signals fire. The rapid back-and-forth across buy and sell in the same nine-day span, all at the minimum disclosed size tier, is consistent with the active trust management style evident across the 93-trade history for this pairing. While no individual flag fires here beyond committee overlap, the aggregate November pattern of three transactions in nine days reflects a trading cadence that has characterized this portfolio's approach to Adobe throughout the disclosed record. Khanna's position as Ranking Member on the House Armed Services subcommittee covering DOD technology and cybersecurity provides an ongoing structural context for any trades in a major federal software vendor like Adobe.