5 Best Large Cap Stocks to Buy Now

3. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 92    

Adobe Inc. (NASDAQ:ADBE) operates as a diversified software company worldwide. It is one of the premier large cap stocks to invest in. On September 15, Adobe said that it has agreed to buy Figma, an online design collaboration company, for approximately $20 million in cash and stock. Adobe will pay in half cash and half stock. 6 million additional restricted stock units will be granted to the CEO of Figma.  

On September 16, BMO Capital analyst Keith Bachman maintained a Market Perform rating on Adobe Inc. (NASDAQ:ADBE) stock and lowered the price target to $345 from $435. 

At the end of the second quarter of 2022, 92 hedge funds in the database of Insider Monkey held stakes worth $7.5 billion in Adobe Inc. (NASDAQ:ADBE), compared to 93 in the previous quarter worth $8.9 billion.

In its Q2 2022 investor letter, Aristotle Capital Management, LLC, an asset management firm, highlighted a few stocks and Adobe Inc. (NASDAQ:ADBE) was one of them. Here is what the fund said:

“We sold our position in Adobe Inc. (NASDAQ:ADBE) to reduce our weighting in the Information Technology sector. We continue to see risk in higher valuation technology names, such as Adobe, due to both slowing business trends and multiple compression. Adobe has exposure to both the SMB market segment as well as e-commerce, both areas which have shown pockets of weakness during the current earnings season.”