5 Best Virtual Reality Stocks To Buy Heading into 2024

In this article, we will be taking a look at the 5 best virtual reality stocks to buy heading into 2024. To read our detailed analysis of the VR market, you can go directly to see the 12 Best Virtual Reality Stocks To Buy Heading into 2024.

5. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 112

Adobe Inc. (NASDAQ:ADBE) was seen in the portfolios of 109 hedge funds at the end of the third quarter. Their total stake value in the company was $8.2 billion.

As of November 10, Keith Bachman, an analyst at BMO Capital, holds an Outperform rating on shares of Adobe Inc. (NASDAQ:ADBE). The analyst also raised his price target on the stock from $645 to $670.

Adobe Inc. (NASDAQ:ADBE) is an application software company based in San Jose, California. It operates through its Digital Media, Digital Experience, and Publishing and Advertising segments. The company offers Adobe 180 and 360/VR editing software that helps video developers create more immersive stories for their viewers.

Polen Capital said the following about Adobe Inc. (NASDAQ:ADBE) in its third-quarter 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.”