Baskin Financial Services Inc. Has $22.04 Million Position in Adobe Inc. (NASDAQ:ADBE)

Baskin Financial Services Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,477 shares of the software company's stock after buying an additional 1,039 shares during the period. Adobe makes up approximately 1.8% of Baskin Financial Services Inc.'s investment portfolio, making the stock its 27th biggest position. Baskin Financial Services Inc.'s holdings in Adobe were worth $22,044,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe in the first quarter valued at approximately $26,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter worth about $28,000. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter worth about $28,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $1.09 on Thursday, reaching $379.56. The company's stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a PEG ratio of 1.79 and a beta of 1.51. The stock's 50-day moving average is $395.48 and its two-hundred day moving average is $409.36. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the business posted $4.48 EPS. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ADBE shares. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price target for the company from $420.00 to $280.00 in a report on Wednesday. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research note on Wednesday. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.