Banco Santander S.A. Has $31.92 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Banco Santander S.A. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 40.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,648 shares of the software company’s stock after selling 41,361 shares during the quarter. Banco Santander S.A.’s holdings in Adobe were worth $31,920,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. EP Wealth Advisors LLC increased its stake in Adobe by 0.8% during the 1st quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company’s stock worth $4,331,000 after purchasing an additional 71 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Adobe by 17.3% during the first quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company’s stock worth $9,371,000 after purchasing an additional 2,734 shares during the period. Capital International Sarl raised its holdings in Adobe by 4.8% in the 1st quarter. Capital International Sarl now owns 5,402 shares of the software company’s stock valued at $2,726,000 after acquiring an additional 245 shares during the period. Capital World Investors lifted its holdings in Adobe by 47.6% during the 1st quarter. Capital World Investors now owns 170,117 shares of the software company’s stock worth $85,841,000 after purchasing an additional 54,866 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in shares of Adobe by 117.6% during the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock worth $3,703,000 after buying an additional 3,967 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $500.70 on Thursday. The company has a market capitalization of $220.41 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.57 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s 50-day moving average is $505.27 and its 200 day moving average is $518.81.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 earnings per share. Research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.