5 Best Long Term Growth Stocks To Invest In

4. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 112

P/E Ratio: 55.74

Adobe Inc. (NASDAQ:ADBE) is a versatile software company providing a range of products and solutions enabling individuals, teams, and enterprises to generate, publish, and promote content. Recognized as a leading choice for content creators, students, professionals, and consumers, Adobe Inc. (NASDAQ:ADBE) also operates a Digital Experience segment, empowering brands and businesses to create, manage, implement, and monetize customer experiences.

On October 27, Oppenheimer analyst Brian Schwartz upgraded Adobe Inc. (NASDAQ:ADBE) from Perform to Outperform, coupled with a revised price target of $660.00, signaling a positive perspective on Adobe Inc.’s performance and growth prospects.

112 out of the 910 hedge funds part of Insider Monkey’s third quarter of 2023 database had invested in the firm. Adobe Inc. (NASDAQ:ADBE)’s biggest hedge fund investor in the September quarter was Ken Fisher’s Fisher Asset Management as it owned 4.5 million shares that are worth $2.3 billion.

Here is what Polen Global Growth has to say about Adobe Inc. (NASDAQ:ADBE) in its Q3 2023 investor letter:

“Both Alphabet and Adobe’s businesses continue to perform well. With respect to Adobe, the most recent quarter delivered more of the same with constant currency revenue growing 13%, margin expansion, and over 2% of shares outstanding repurchased for non-GAAP earnings growth of over 20%. We believe its approach to GenAI through Firefly, which guarantees safe content because it trains on Adobe Stock, will continue to be attractive to enterprises. The counter to GenAI, and something we are keeping an eye on with Alphabet and Adobe, is that it requires heavy investment. While both businesses can leverage their scale and manage costs in other areas, we expect the investment in future growth through GenAI will weigh on company-wide margins over the near term.”