Adobe Inc. (NASDAQ:ADBE) Shares Sold by Calamos Advisors LLC

Calamos Advisors LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,614 shares of the software company's stock after selling 30,682 shares during the quarter. Calamos Advisors LLC's holdings in Adobe were worth $29,767,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC acquired a new position in Adobe in the fourth quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe in the first quarter valued at $26,000. Summit Securities Group LLC acquired a new position in Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe in the fourth quarter valued at $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADBE. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and decreased their target price for the company from $420.00 to $280.00 in a research report on Wednesday. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Oppenheimer decreased their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, UBS Group increased their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $1.09 during midday trading on Friday, hitting $379.56. The company had a trading volume of 2,863,680 shares, compared to its average volume of 3,432,840. The business has a 50-day simple moving average of $396.09 and a two-hundred day simple moving average of $408.04. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $4.48 EPS. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.