7 Best Software Infrastructure Stocks To Invest In Now

2. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 107

Adobe Inc. (NASDAQ:ADBE), based in San Jose, California, is a leading software company offering a wide range of tools and services for students and creative professionals, including web design, digital art, and content creation.

The software company reported strong results for the second quarter of fiscal year 2024, exceeding expectations with non-GAAP earnings per share of $4.48, compared to the consensus estimate of $4.39. Moreover, revenue reached $5.31 billion, slightly above the expected $5.29 billion, representing a 10% increase year-over-year. The Digital Media segment grew by 11%, while the Digital Experience segment saw a 9% increase. A standout performance came from the net new Digital Media Annual Recurring Revenue, which reached $487 million, well above the company’s guidance of approximately $440 million.

Adobe Inc. (NASDAQ:ADBE) has been rapidly integrating AI capabilities into its product suite, now offering over 100 AI features across Creative Cloud, Document Cloud, and Experience Cloud. The company’s Firefly family of generative AI models is gaining traction, and the Express mobile app featuring Firefly has significantly boosted monthly active users.

In the second quarter, 107 hedge funds held stakes in Adobe Inc. (NASDAQ:ADBE)., with a combined value of $11.8 billion. Fisher Asset Management was the largest shareholder, with 4.76 million shares.