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

Baskin Financial Services Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,438 shares of the software company’s stock after acquiring an additional 1,324 shares during the quarter. Adobe accounts for about 2.0% of Baskin Financial Services Inc.’s investment portfolio, making the stock its 24th largest holding. Baskin Financial Services Inc.’s holdings in Adobe were worth $25,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Czech National Bank increased its position in shares of Adobe by 5.8% during the third quarter. Czech National Bank now owns 90,325 shares of the software company’s stock valued at $46,768,000 after buying an additional 4,954 shares during the period. GAMMA Investing LLC grew its stake in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Diversified Trust Co increased its holdings in Adobe by 10.8% during the 3rd quarter. Diversified Trust Co now owns 6,446 shares of the software company’s stock worth $3,338,000 after acquiring an additional 630 shares during the period. Smith Anglin Financial LLC lifted its stake in Adobe by 6.1% in the 3rd quarter. Smith Anglin Financial LLC now owns 657 shares of the software company’s stock worth $340,000 after purchasing an additional 38 shares in the last quarter. Finally, Consilio Wealth Advisors LLC boosted its holdings in Adobe by 15.9% in the 3rd quarter. Consilio Wealth Advisors LLC now owns 539 shares of the software company’s stock valued at $279,000 after purchasing an additional 74 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

NASDAQ:ADBE opened at $437.45 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a market cap of $190.42 billion, a PE ratio of 35.28, a price-to-earnings-growth ratio of 2.14 and a beta of 1.31. The business has a 50 day moving average price of $461.97 and a 200-day moving average price of $503.41.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the company posted $3.52 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. Royal Bank of Canada decreased their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. UBS Group dropped their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $573.00.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last ninety days. 0.15% of the stock is owned by insiders.

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.