SouthState Corp Has $23.92 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

SouthState Corp lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 40,095 shares of the software company’s stock after purchasing an additional 261 shares during the period. Adobe accounts for 2.0% of SouthState Corp’s holdings, making the stock its 9th biggest holding. SouthState Corp’s holdings in Adobe were worth $23,921,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. One Charles Private Wealth Services LLC lifted its position in Adobe by 2.2% in the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC boosted its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after acquiring an additional 17 shares during the last quarter. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares during the last quarter. Lantz Financial LLC boosted its stake in shares of Adobe by 2.5% in the fourth quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after purchasing an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its holdings in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold 293 shares of company stock valued at $137,656 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded up $7.18 during mid-day trading on Thursday, hitting $476.57. The company’s stock had a trading volume of 2,206,523 shares, compared to its average volume of 3,461,359. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $213.50 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.51 and a beta of 1.28. The firm has a 50-day moving average price of $510.90 and a 200 day moving average price of $562.78. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm earned $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Stifel Nicolaus cut their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Mizuho reiterated a “buy” rating and issued a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

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.