In this article, we will discuss 5 best video conferencing stocks to invest in. For a detailed look on the other best video conferencing stocks, head over to 11 Best Video Conferencing Stocks to Invest In.
5. Adobe Inc. (NASDAQ:ADBE)
Number of Hedge Fund Holders: 109
Ranked 5th in our list of best video conferencing stocks to invest in, Adobe Inc. (NASDAQ:ADBE) provides video conferencing services through its Adobe Connect tool. Founded in 1982 and headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE)’s Adobe Connect is widely used for remote training, web conferencing, presentation, and desktop sharing. With a market capitalization of a whopping $254 billion, the firm is also anticipating completing its $20 billion proposed acquisition of its rival Figma to further bolster its technological advancements. Adobe Inc. (NASDAQ:ADBE) reported earnings of $4.09 per share in fiscal Q3, which came ahead of analysts’ expectations of $3.97. Adobe Inc. (NASDAQ:ADBE) also posted revenue of $4.89 billion in the quarter, up 13% from a year earlier.
Insider Monkey had a look at 910 hedge funds portfolios for Q2 and found out that 109 had a stake in Adobe Inc. (NASDAQ:ADBE). Citadel Investment Group was the largest shareholder which owned 2 million shares that are valued at $971.9 million.
4. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 122
One of the biggest providers of enterprise resource planning systems, Salesforce, Inc. (NYSE:CRM) was founded in 1999 and ranks 4th in our list of best video conferencing stocks to invest in. With a market capitalization of $200 billion, Salesforce, Inc. (NYSE:CRM)’s Slack video conferencing tool is one of the most widely adopted virtual meetup channels globally. Founded in 2013, Slack has roughly 8 million workflows per week, up 71% from a year before, according to Salesforce, Inc. (NYSE:CRM)’s Chief Operating Officer Brian Millham in Q2 earnings call.
Insider Monkey took a look at 910 hedge funds portfolios for Q2 2023 investments and found out that 122 had a stake in Salesforce, Inc. (NYSE:CRM). The largest shareholder was Harris Associates which owned 5.1 million shares of Salesforce, Inc. (NYSE:CRM) that are valued at $1.1 billion.
3. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 152
With a market capitalization of $1.76 trillion, Alphabet Inc. (NASDAQ:GOOG) introduced Google Meet in 2017 as a video conferencing tool. Using Google Meet, 100 people can join the meeting simultaneously. Ranked 3rd in our list of best video conferencing stocks to invest in, Alphabet Inc. (NASDAQ:GOOG) posted Q2 consolidated revenue of $74.6 billion, up 7% or up 9% in constant currency and EPS of $1.44 that came ahead of analysts’ forecast of $1.32.
With Insider Monkey’s database of 910 hedge funds portfolios for Q2 2023 investments, 152 had a stake in Alphabet Inc. (NASDAQ:GOOG). The biggest shareholder was Harris Associates with 26.9 million shares of Alphabet Inc. (NASDAQ:GOOG) that were worth $3.2 billion.
2. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 278
Headquartered in Seattle, Washington and with a market capitalization of more than $1 trillion, Amazon.com, Inc. (NASDAQ:AMZN) ranks 2nd in our list of best video conferencing stocks to invest in. Amazon.com, Inc. (NASDAQ:AMZN) offers Amazon Chime as a video conferencing tool which has a wide adoption in the US especially. The platform lets up to 250 people join a non-video meeting while 25 people can join a video conversation simultaneously. The e-commerce giant reported Q2 revenue of $134.4 billion and operating income of $7.7 billion.
From the 910 hedge funds profiled by Insider Monkey at the end of Q2, 278 had a stake in Amazon.com, Inc. (NASDAQ:AMZN). The largest shareholder was Citadel Investment Group which owned 33.8 million shares of Amazon.com, Inc. (NASDAQ:AMZN) that are valued at $4.4 billion.
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 300
One of the largest technological firms in the world, Microsoft Corporation (NASDAQ:MSFT) ranks 1st in our list of best video conferencing stocks to invest in. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.44 trillion. Satya Nadella-led Microsoft Corporation (NASDAQ:MSFT) rolled out Microsoft Teams in 2017 as a video conferencing tool globally. This year, Teams reported 280 million monthly active users while Microsoft Corporation (NASDAQ:MSFT) posted revenue of $56.2 billion in fiscal Q4, up 8% and 10% in constant currency. The company reported EPS of $2.69, up from $2.55 in analysts’ expectations.
Out of 910 hedge funds profiled by Insider Monkey at the end of Q2, 300 had a stake in Microsoft Corporation (NASDAQ:MSFT). Bill & Melinda Gates Foundation Trust was the biggest shareholder which owned 39.3 million shares of Microsoft Corporation (NASDAQ:MSFT), valued at $13.4 billion.
Disclosure: None. You can also take a look at 12 Best Artificial Intelligence (AI) Stocks To Buy According to Hedge Funds and 12 Best Booming Stocks to Buy Now According to Hedge Funds.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
