Calamos Wealth Management LLC acquired a new stake in Adobe Inc (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 713 shares of the software company’s stock, valued at approximately $235,000.
Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. JJJ Advisors Inc. acquired a new position in Adobe during the third quarter worth approximately $28,000. Hexavest Inc. increased its position in Adobe by 58.2% during the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock worth $29,000 after buying an additional 39 shares during the period. Venturi Wealth Management LLC acquired a new position in Adobe during the third quarter worth approximately $35,000. Corbenic Partners LLC acquired a new position in Adobe during the fourth quarter worth approximately $42,000. Finally, Marquette Asset Management LLC increased its position in Adobe by 57.8% during the third quarter. Marquette Asset Management LLC now owns 142 shares of the software company’s stock worth $39,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 84.84% of the company’s stock.
Shares of ADBE stock opened at $342.94 on Thursday. The business’s 50 day moving average is $323.24 and its two-hundred day moving average is $296.87. Adobe Inc has a twelve month low of $237.26 and a twelve month high of $347.27. The company has a market capitalization of $166.83 billion, a P/E ratio of 52.28, a price-to-earnings-growth ratio of 2.65 and a beta of 1.11. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 0.09.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.26 by $0.03. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period in the previous year, the business earned $1.83 earnings per share. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities analysts predict that Adobe Inc will post 8.02 earnings per share for the current fiscal year.
In related news, Director Charles M. Geschke sold 16,764 shares of Adobe stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $332.00, for a total value of $5,565,648.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 948 shares of Adobe stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $319.27, for a total value of $302,667.96. Following the completion of the sale, the chief accounting officer now owns 74 shares in the company, valued at $23,625.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,312 shares of company stock worth $12,297,624. Company insiders own 0.32% of the company’s stock.
Several research analysts have commented on ADBE shares. Stifel Nicolaus lifted their price target on Adobe from $325.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. cut their price target on Adobe from $329.00 to $318.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Nomura lifted their price target on Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Credit Suisse Group lifted their price target on Adobe from $350.00 to $385.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Griffin Securities lifted their price target on Adobe from $330.00 to $334.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seventeen have given a buy rating to the stock. Adobe currently has a consensus rating of “Buy” and a consensus price target of $331.96.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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