New Covenant Trust Company N.A. Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

New Covenant Trust Company N.A. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 377 shares of the software company’s stock, valued at approximately $190,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth about $35,000. Steph & Co. increased its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in Adobe in the 1st quarter worth about $47,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. Stifel Nicolaus dropped their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Oppenheimer restated an “outperform” rating and set a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Piper Sandler decreased their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Price Performance

NASDAQ:ADBE traded down $5.24 during trading hours on Thursday, reaching $546.41. The company had a trading volume of 2,072,069 shares, compared to its average volume of 3,392,357. The stock has a 50-day moving average of $521.69 and a two-hundred day moving average of $529.40. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $242.28 billion, a PE ratio of 49.09, a PEG ratio of 2.81 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.04 earnings per share. Analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate 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.