5 Best Software Stocks To Buy According To Hedge Funds

04. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders as of Q2, 2022: 92

Adobe Inc. (NASDAQ:ADBE) is a global software company based in San Jose, California. On October 13, Saket Kalia, an analyst at Barclays, maintained an Equal Weight recommendation on Adobe Inc. (NASDAQ:ADBE) shares while lowering his price target from $340 to $330.

As of Q2 2022, Adobe Inc. (NASDAQ:ADBE) shares were held by 92 out of 895 hedge funds tracked by Insider Monkey with a total value of $7.5 billion. Its largest shareholder was Fisher Asset Management, with ownership of nearly 6.2 million shares valued at $2.3 billion.

Here is what Aristotle Capital specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q2 2022 investor letter:

“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.”