Top 5 Stock Picks of Rob Cope’s Columbus Point

4. Adobe Inc. (NASDAQ:ADBE)

Columbus Point Stake Value: $17,135,000
Percentage of Columbus Point’s 13F Portfolio: 8.15%
Number of Hedge Fund Holders: 95

On December 20, Citi analyst Tyler Radke reduced his price target on Adobe Inc. (NASDAQ:ADBE) to $611 from $678 and maintained a “Neutral” rating on the shares. Radke advises investors in a research note that the company’s headline growth indicators for Q4 were below expectations, marking the second quarter of weak performance due to seasonality challenges.

There were 95 hedge funds in our database that held stakes in the company at the end of the third quarter, compared to 89 funds in the previous quarter.

In its second-quarter 2021 investor letter, Richie Capital Group mentioned Adobe Inc. (NASDAQ:ADBE). Here is what the fund said:

“Adobe Systems (ADBE – up 24.8%) – In the last 15 years, Adobe has transformed itself into a software behemoth, more than tripling its revenue since 2010. The company is famous for its namesake PDF-reader and photo-editing software Photoshop. However, ADBE sells a full suite of software products through a recurring subscription model. The company transitioned from selling boxed software to recurring subscriptions in 2013 and revenues have grown consistently since. The company achieved $13B in revenue in 2020 with 88% Gross Margins.”