SouthState Corp Buys 4,827 Shares of Adobe Inc. (NASDAQ:ADBE)

SouthState Corp increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 46,444 shares of the software company’s stock after buying an additional 4,827 shares during the period. Adobe comprises about 1.4% of SouthState Corp’s holdings, making the stock its 20th biggest position. SouthState Corp’s holdings in Adobe were worth $20,653,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Swedbank AB lifted its stake in Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. United Bank lifted its stake in Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. OneDigital Investment Advisors LLC lifted its stake in Adobe by 1.8% in the third quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company’s stock valued at $3,108,000 after purchasing an additional 104 shares during the last quarter. Empowered Funds LLC lifted its stake in Adobe by 28.9% in the third quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock valued at $6,492,000 after purchasing an additional 2,811 shares during the last quarter. Finally, Schear Investment Advisers LLC lifted its stake in Adobe by 13.2% in the third quarter. Schear Investment Advisers LLC now owns 4,255 shares of the software company’s stock valued at $2,203,000 after purchasing an additional 495 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated 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 trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho dropped their target price on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday. UBS Group dropped their target price on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Stock Up 4.5 %

ADBE opened at $394.74 on Monday. The stock has a market cap of $171.87 billion, a PE ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The business’s fifty day simple moving average is $437.03 and its 200 day simple moving average is $481.50.

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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company Profile

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.