Billionaire David Tepper is Selling These 5 Stocks

1. Adobe Inc. (NYSE:ADBE)

Number of Hedge Fund Holders: 89

Adobe Inc. (NASDAQ:ADBE) is a multinational computer software company that provides a wide range of products based around digital media and digital marketing solutions for enterprises and consumers. With a market capitalization of $275.11 billion, Adobe Inc. (NASDAQ:ADBE) is ranked first on our list of the 10 stocks David Tepper is selling.

David Tepper’s Appaloosa Management had sold off all its shares within Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter period of 2021.

For the second quarter of 2021, Adobe Inc. (NASDAQ:ADBE) reported an EPS at $3.03, beating market estimates by $0.21. In addition to this, the company also reported quarterly revenues of $3.83 billion, an increase of 22.60% on a year-over-year basis, surpassing predictions by $106.49 million. At the end of the second quarter of 2021, 89 hedge funds in the database of Insider Monkey held stakes worth $13.1 billion in Adobe Inc. (NASDAQ:ADBE) down from 107 in the preceding quarter worth $12.1 billion.

In its second-quarter 2021 investor letter, Richie Capital Group mentioned Adobe Inc. (NASDAQ:ADBE). Here is what the fund said:

“Adobe Systems (ADBE – up 24.8%) – In the last 15 years, Adobe has transformed itself into a software behemoth, more than tripling its revenue since 2010. The company is famous for its namesake PDF-reader and photo-editing software Photoshop. However, ADBE sells a full suite of software products through a recurring subscription model. The company transitioned from selling boxed software to recurring subscriptions in 2013 and revenues have grown consistently since. The company achieved $13B in revenue in 2020 with 88% Gross Margins.”

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