5 Best Software Stocks to Buy Now

3. Adobe Inc (NASDAQ: ADBE)

California-based Adobe has become a household name because of its multimedia and design products, such as Photoshop, Adobe Illustrator and Adobe After Effects. In fiscal fourth quarter, Adobe’s revenue jumped 14% on a year-over-year basis to reach $3.42 billion. Creative segment revenue came in at $2.08 billion, while Document Cloud sales totaled $411 million. For fiscal 2021, the company expects $15.15 billion in revenue, compared to the Wall Street estimate of $12.81 billion.

Adobe ranks 3rd on the list of 10 best software stocks to buy now, as 106 hedge funds tracked by Insider Monkey held stakes in the company as of the end of the September quarter. Here is what Nelson Roberts Investment Advisors said about ADBE:

“We purchased Adobe (NASDAQ: ADBE), the leading provider of content creation software. Adobe is a software company with a recurring revenue stream, which should insulate it from some of the negative effects of the COVID-19 outbreak.”