Baskin Financial Services Inc. Acquires 1,415 Shares of Adobe Inc. (NASDAQ:ADBE)

Baskin Financial Services Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,114 shares of the software company’s stock after purchasing an additional 1,415 shares during the period. Adobe accounts for approximately 2.3% of Baskin Financial Services Inc.’s holdings, making the stock its 23rd largest holding. Baskin Financial Services Inc.’s holdings in Adobe were worth $28,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $33,000. Finally, Steph & Co. increased its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock worth $16,700,246 over the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE traded down $4.21 during mid-day trading on Wednesday, hitting $503.82. The stock had a trading volume of 838,501 shares, compared to its average volume of 3,219,700. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $223.39 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 2.55 and a beta of 1.29. The company’s 50 day simple moving average is $537.17 and its 200 day simple moving average is $515.94.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.