Atlantic Union Bankshares Corp Has $9.35 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Atlantic Union Bankshares Corp grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,032 shares of the software company's stock after buying an additional 999 shares during the period. Atlantic Union Bankshares Corp's holdings in Adobe were worth $9,352,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock valued at $10,495,544,000 after buying an additional 234,909 shares during the period. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company's stock valued at $5,435,377,000 after buying an additional 147,981 shares during the period. FMR LLC increased its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Fisher Asset Management LLC increased its stake in shares of Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company's stock valued at $2,516,196,000 after buying an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company's stock valued at $2,455,079,000 after buying an additional 140,390 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. TD Cowen lowered Adobe from a "buy" rating to a "hold" rating and cut their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Mizuho cut their target price on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their target price on Adobe from $590.00 to $550.00 and set an "outperform" rating on the stock in a research report on Friday. UBS Group cut their target price on Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a research report on Friday, January 3rd. Finally, BMO Capital Markets cut their target price on Adobe from $570.00 to $515.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $567.81.

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Adobe Stock Performance

NASDAQ:ADBE opened at $449.40 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $587.75. The firm has a market cap of $195.62 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 2.15 and a beta of 1.37. The business's fifty day moving average is $439.56 and its 200 day moving average is $487.67.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company posted $3.52 EPS. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated 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 $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.15% of the stock is owned by company insiders.

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.

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