SouthState Corp Has $21.50 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• SouthState Corp increased its stake in Adobe Inc. by 20.7%, holding approximately $21.5 million in stock as of the latest SEC filing.
• Institutional investors own 81.79% of Adobe's stock, with significant increases reported from companies like GAMMA Investing LLC and Goldman Sachs Group.
• Adobe's recent earnings report showed a 10.6% year-over-year revenue growth, outperforming analysts’ expectations with $5.87 billion in revenue and $5.06 earnings per share.

SouthState Corp lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,052 shares of the software company's stock after acquiring an additional 9,608 shares during the period. Adobe comprises approximately 1.0% of SouthState Corp's holdings, making the stock its 25th largest holding. SouthState Corp's holdings in Adobe were worth $21,498,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. Nuveen LLC bought a new position in Adobe during the 1st quarter worth $607,443,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after buying an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 1.4%

Adobe stock traded up $4.78 during mid-day trading on Tuesday, hitting $338.43. The company's stock had a trading volume of 3,539,601 shares, compared to its average volume of 3,797,458. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75. The firm's 50 day moving average is $377.15 and its 200 day moving average is $394.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $143.56 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Stifel Nicolaus lowered their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Bank of America lifted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $467.58.

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.