Calamos Advisors LLC Sells 32,721 Shares of Adobe Inc. (NASDAQ:ADBE)

Calamos Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 108,296 shares of the software company’s stock after selling 32,721 shares during the quarter. Calamos Advisors LLC’s holdings in Adobe were worth $48,157,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp raised its stake in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the last quarter. FMR LLC boosted its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Adobe by 3.1% during 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 last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.3 %

Shares of Adobe stock opened at $438.60 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $190.92 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $634.59. The company’s 50-day simple moving average is $461.97 and its 200-day simple moving average is $502.99.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. 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 prior year, the business posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’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 approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. Wells Fargo & Company reduced their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Mizuho lowered their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Bank of America cut their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.