Should You Invest in Adobe (ADBE)?

Insider Monkey

Akre Capital Management, an investment management company, published the “Akre Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund (Institutional share class) returned 8.62% compared to the S&P 500 Total Return’s 8.74% increase. In the second quarter, the focus shifted to Artificial intelligence (AI) which contributed to the broader market indices. The fund (the Institutional share class) returned 15.07% for the trailing 12-month period ending June 30, 2023, compared to the S&P 500 Total Return’s 19.59% gain. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Akre Focus Fund highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On July 14, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $514.83 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 3.97%, and its shares gained 37.20% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $234.66 billion.

Akre Focus Fund made the following comment about Adobe Inc. (NASDAQ:ADBE) in its second quarter 2023 investor letter:

“The Fund owns many businesses that stand to benefit enormously from A.I. Adobe Inc. (NASDAQ:ADBE) has released A.I.-powered “co-pilots” to make its software easier to use. The top five positive contributors to performance during the quarter were Moody’s, Mastercard, CoStar, Constellation Software, and Adobe.”

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Photo by Jakob Owens on Unsplash

Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of first quarter which was 99 in the previous quarter.

We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of merger arbitrage opportunities in 2023. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.