Calamos Advisors LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Calamos Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 133,296 shares of the software company’s stock after acquiring an additional 5,967 shares during the quarter. Calamos Advisors LLC’s holdings in Adobe were worth $79,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC bought a new position in shares of Adobe in the 4th quarter worth $29,000. Finally, Fortis Capital Advisors LLC bought a new position in shares of Adobe in the 4th quarter worth $35,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock valued at $1,848,418 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research analyst reports. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. TD Cowen decreased their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. Robert W. Baird cut their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

Shares of ADBE stock traded down $1.27 on Thursday, hitting $473.18. 2,386,906 shares of the stock traded hands, compared to its average volume of 3,575,926. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $211.98 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.28. The firm has a 50 day simple moving average of $533.19 and a two-hundred day simple moving average of $566.97. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.