5 Most Profitable SaaS Companies for 2023

In this piece, we will take a look at the five most profitable SaaS companies for 2023. For more companies, head on over to 10 Most Profitable SaaS Companies for 2023.

5. Autodesk, Inc. (NASDAQ:ADSK)

Trailing Twelve Months Net Income: $619 million

Number of Hedge Fund Holders In Q3 2022: 60

Autodesk, Inc. (NASDAQ:ADSK) is a software company headquartered in San Rafael, California. The firm provides collaboration tools and application delivery services through the cloud to its users located anywhere with an Internet connection.

Autodesk, Inc. (NASDAQ:ADSK) also terminated 250 employees in February 2023 as part of a cost reduction measure. 62 of the 920 hedge funds surveyed by Insider Monkey in Q3 2022 had held a stake in the company.

Autodesk, Inc. (NASDAQ:ADSK)’s largest investor is Rajiv Jain’s GQG Partners which owns 2.8 million shares that are worth $539 million.

4. Equinix, Inc. (NASDAQ:EQIX)

Trailing Twelve Months Net Income: $698 million

Number of Hedge Fund Holders In Q3 2022:

Equinix, Inc. (NASDAQ:EQIX) is a global data center company that provides a centralized platform to enable businesses to search for other businesses to launch digital services and collaborate digitally.

Equinix, Inc. (NASDAQ:EQIX) is continuing to grow its global footprint as it announced in January 2023 that it will build a new data center in South Africa for $160 million. By the end of last year’s third quarter, 39 of the 920 hedge funds had held a stake in the company.

Equinix, Inc. (NASDAQ:EQIX)’s largest investor is Ian Simm’s Impax Asset Management which owns 659,094 shares that are worth $431 million.

3. Intuit Inc. (NASDAQ:INTU)

Trailing Twelve Months Net Income: $1.87 billion

Number of Hedge Fund Holders In Q3 2022: 86

Intuit Inc. (NASDAQ:INTU) is a software company headquartered in Mountain View, California. The firm allows its customers to keep up to date with compliance requirements and manage their financial operations.

Intuit Inc. (NASDAQ:INTU) is one of the strongest SaaS companies in the U.S., with top selling products such as the TurboTax software being one of the best selling tax software in America. Insider Monkey took a look at 920 hedge fund portfolios for last year’s third quarter to discover that 86 had invested in the firm.

Out of these, Ken Fisher’s Fisher Asset Management is Intuit Inc. (NASDAQ:INTU)’s largest investor. It owns 1.9 million shares that are worth $755 million.

2. Box, Inc. (NYSE:BOX)

Trailing Twelve Months Net Income: $1.9 billion

Number of Hedge Fund Holders In Q3 2022: 29

Box, Inc. (NYSE:BOX) is a software company that allows firms to collaborate with each other to develop applications and manage their security.

Box, Inc. (NYSE:BOX)’s share price target was reduced to $24 from $28 by RBC Capital in January 2023 as the firm worried about the sustainability of a recent turnaround. Insider Monkey took a look at 920 hedge fund portfolios for last year’s third quarter to discover that 29 had invested in the firm.

Out of these, Robert G. Moses’ RGM Capital is Box, Inc. (NYSE:BOX)’s largest investor. It owns 3.7 million shares that are worth $91 million.

1. Adobe Inc. (NASDAQ:ADBE)

Trailing Twelve Months Net Income: $4.7 billion

Number of Hedge Fund Holders In Q3 2022: 93

Adobe Inc. (NASDAQ:ADBE) is one of the largest software companies in the world. Its products let customers create new content, manage customer experiences, and conduct other tasks.

Adobe Inc. (NASDAQ:ADBE)’s SaaS division includes providing customers access to creativity software to allow them to carry out web development, video editing, and graphic design. 93 of the 920 hedge funds part of Insider Monkey’s third quarter of 2022 survey had held a stake in the company.

Adobe Inc. (NASDAQ:ADBE)’s largest investor is Ken Fisher’s Fisher Asset Management which owns 5.1 million shares that are worth $1.4 billion.

Disclosure: None. You can also take a peek at 15 Largest Australian Companies by Revenue and 10 Best Recession Proof Stocks To Invest In.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Follow Insider Monkey on Twitter