Baskin Financial Services Inc. Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Baskin Financial Services Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,477 shares of the software company's stock after purchasing an additional 1,039 shares during the quarter. Adobe comprises approximately 1.8% of Baskin Financial Services Inc.'s investment portfolio, making the stock its 27th largest position. Baskin Financial Services Inc.'s holdings in Adobe were worth $22,044,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new position in Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC bought a new position in Adobe during the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe during the 1st quarter worth approximately $26,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter valued at $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter valued at $36,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.3%

ADBE traded up $1.09 during mid-day trading on Friday, reaching $379.56. 2,863,680 shares of the stock were exchanged, compared to its average volume of 3,432,840. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $161.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The company has a 50 day moving average price of $396.09 and a two-hundred day moving average price of $407.83. Adobe Inc. has a 1 year low of $332.01 and a 1 year 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 business's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.48 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research note on Wednesday. Finally, Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $480.08.

About Adobe

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.