Costello Asset Management INC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Costello Asset Management INC acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 443 shares of the software company’s stock, valued at approximately $170,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock valued at $498,000 after purchasing an additional 1,216,351 shares during the period. Two Sigma Advisers LP increased its position in Adobe by 1,414.5% in the fourth 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Adobe in the fourth quarter worth about $365,750,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock valued at $2,504,685,000 after buying an additional 821,293 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.6%

Shares of NASDAQ:ADBE opened at $338.85 on Tuesday. The company has a market cap of $143.74 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 1.65 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $384.34 and a 200 day moving average price of $398.11.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADBE shares. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Morgan Stanley decreased their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

Adobe 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.