Calamos Wealth Management LLC Sells 19,688 Shares of Adobe Inc. (NASDAQ:ADBE)

Calamos Wealth Management LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 97.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 524 shares of the software company’s stock after selling 19,688 shares during the quarter. Calamos Wealth Management LLC’s holdings in Adobe were worth $233,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment raised its holdings in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. Finally, True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE opened at $440.23 on Wednesday. The company has a market capitalization of $191.63 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $634.59. The business’s fifty day simple moving average is $460.36 and its 200-day simple moving average is $502.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) 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 analysts’ expectations of $5.54 billion. During the same period in the prior year, the business earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of several research reports. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Stifel Nicolaus lowered their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insiders Place Their Bets

In other news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. 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. Company insiders own 0.15% of the company’s stock.

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.