5 Best COVID Stocks To Buy Now

3. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 89

Cloud and computer software company Adobe Inc. (NASDAQ:ADBE) didn’t face any disruption due to the pandemic. It was widely used for content creation, with a 50% increase in the number of PDF documents shared using Adobe’s software in Q1 2020. With the boom in remote working, Adobe Inc. (NASDAQ:ADBE) will benefit from various fields, making it one of the best Covid stocks to buy now.

This September, Piper Sandler lifted its price target on Adobe Inc. (NASDAQ:ADBE) to $670, with an Overweight rating on the shares.

As of Q2, 89 hedge funds tracked by Insider Monkey reported owning stakes in Adobe Inc. (NASDAQ:ADBE), down from 107 in the previous quarter. The total value of these stakes is over $13 billion.

Richie Capital Group mentioned Adobe Inc. (NASDAQ:ADBE) in its second-quarter 2021 investor letter. Here is what the firm has to say:

“Adobe Systems (ADBE – up 24.8%) – In the last 15 years, Adobe has transformed itself into a software behemoth, more than tripling its revenue since 2010. The company is famous for its namesake PDF-reader and photo-editing software Photoshop. However, ADBE sells a full suite of software products through a recurring subscription model. The company transitioned from selling boxed software to recurring subscriptions in 2013 and revenues have grown consistently since. The company achieved $13B in revenue in 2020 with 88% Gross Margins.”