5 Best Video Conferencing Stocks To Buy

03. Adobe Inc. (NASDAQ:ADBE)

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

Adobe Inc. (NASDAQ:ADBE) is a leading digital media and digital marketing solutions company based in California. Adobe Connect is a video conferencing tool that it launched back in 2014. Adobe Connect is a suite of software for remote training, web conferencing, presentation, and desktop sharing.

Adobe Inc. (NASDAQ:ADBE) is expanding its current product line and introducing cloud-based services. Adobe Inc. (NASDAQ:ADBE) has agreed to pay $20 billion to acquire its rival Figma in an effort to further solidify its dominance in the market. The strategic purchase will provide Adobe Inc. (NASDAQ:ADBE) access to Figma’s $16.5 billion total addressable market by 2025. On October 19, RBC Capital analyst Matthew Swanson lowered his price target on Adobe Inc. (NASDAQ:ADBE) to $395 from $425 but kept an Outperform rating on the shares.

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, owning nearly 6.2 million shares valued at $2.3 billion.

Here is what Akre Capital Management has to say about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:

“The five largest detractors from performance this quarter includes Adobe. Adobe announced a planned acquisition that was not only very expensive, but also highlighted an architectural vulnerability in the core software franchises, the import of which we continue to assess.”