5 Best Cloud Computing Stocks For 2022

3.  Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Funds: 95

Adobe Inc. (NASDAQ:ADBE) is a software company that is transforming itself into a software-as-a-service (SaaS) cloud provider. Adobe Creative Cloud and Adobe Experience Cloud are leading the company’s efforts in that direction. The San Jose, California-based organization, is known for providing a wide range of software required for the creation and publication of content with millions of users globally.

On November 22, Peter Hazel at Atlantic Equities upgraded Adobe Inc. (NASDAQ:ADBE) from a Neutral to an Overweight rating and increased the price target from $600 to $820. The analyst thinks that as a result of the Creative Cloud platform, Adobe Inc. (NASDAQ:ADBE) is in a “dominant position” in the industry. Adobe Inc. (NASDAQ:ADBE) also has high pricing power on its side that will aid it in maintaining its market share. The company is expected to experience revenue growth in the mid-teens along with expansion in margins.