Inspire Trust Co. N.A. Has $3.26 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Inspire Trust Co. N.A. increased its holdings in Adobe Inc. by 21.4% during the first quarter, owning 8,500 shares valued at approximately $3.26 million.
• Adobe's stock price rose 3.7% to open at $351.07, with a market cap of $148.92 billion and a price-to-earnings ratio of 22.46.
• In its latest quarterly earnings report, Adobe reported $5.06 earnings per share, surpassing analyst expectations, and experienced a 10.6% year-over-year revenue increase.

Inspire Trust Co. N.A. boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,500 shares of the software company's stock after purchasing an additional 1,500 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Adobe were worth $3,260,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kovitz Investment Group Partners LLC grew its position in Adobe by 183.1% in the first quarter. Kovitz Investment Group Partners LLC now owns 287,998 shares of the software company's stock valued at $110,456,000 after acquiring an additional 186,270 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its position in Adobe by 36.8% in the first quarter. Vestmark Advisory Solutions Inc. now owns 4,992 shares of the software company's stock valued at $1,915,000 after acquiring an additional 1,344 shares during the last quarter. Harfst & Associates Inc. grew its position in Adobe by 1.1% in the first quarter. Harfst & Associates Inc. now owns 7,748 shares of the software company's stock valued at $2,972,000 after acquiring an additional 83 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Adobe by 7.7% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 103,923 shares of the software company's stock valued at $39,858,000 after acquiring an additional 7,400 shares during the last quarter. Finally, Varenne Capital Partners bought a new position in Adobe in the first quarter valued at about $19,130,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 0.7%

Shares of Adobe stock traded down $2.49 during midday trading on Thursday, reaching $348.58. The company had a trading volume of 3,742,921 shares, compared to its average volume of 3,564,123. Adobe Inc. has a fifty-two week low of $330.04 and a fifty-two week high of $587.75. 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 stock has a fifty day moving average price of $373.08 and a 200 day moving average price of $393.45. The firm has a market cap of $147.87 billion, a PE ratio of 22.30, a P/E/G ratio of 1.66 and a beta of 1.51.

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

Analysts Set New Price Targets

A number of research firms have issued reports on ADBE. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Adobe presently 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.