SouthState Corp Has $20.65 Million Stake in Adobe Inc. (NASDAQ:ADBE)

SouthState Corp grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,444 shares of the software company’s stock after buying an additional 4,827 shares during the period. Adobe accounts for about 1.4% of SouthState Corp’s portfolio, making the stock its 20th biggest holding. SouthState Corp’s holdings in Adobe were worth $20,653,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment increased its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. bought a new position in Adobe during the 4th quarter worth $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last ninety days. 0.16% of the stock is owned by company insiders.

Adobe Stock Up 4.5 %

Shares of NASDAQ:ADBE opened at $394.74 on Monday. The company has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50-day moving average is $437.03 and its 200-day moving average is $481.50. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business earned $4.48 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADBE. Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada lowered their price objective on Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $540.60.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.