Thomas Steyer’s Farallon Capital is Buying These 5 Stocks

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1. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 94

Adobe Inc. (NASDAQ:ADBE) is a California-based diversified software company that operates via three segments – Digital Media, Digital Experience, and Publishing and Advertising. Thomas Steyer’s Farallon Capital added Adobe Inc. (NASDAQ:ADBE) to its fourth quarter portfolio by purchasing a $213.2 million stake in the company. 

Adobe Inc. (NASDAQ:ADBE) posted earnings for the first quarter of 2022 on March 22, announcing an EPS of $3.37, beating analysts’ consensus estimates by $0.03. The $4.26 billion revenue also outperformed market forecasts by $23.79 million. 

On March 28, Argus analyst Joseph Bonner lowered the price target on Adobe Inc. (NASDAQ:ADBE) to $575 from $764 but kept a Buy rating on the shares. The stock’s valuation has reduced sharply amid the broader technology selloff and is now at the bottom of historical ranges, the analyst told investors in a research note. He added that while Adobe Inc. (NASDAQ:ADBE)’s revenue growth is slowing from the higher than 20% era of FY21, the company’s product lines and innovation engine “remain solid”.

According to Insider Monkey’s Q4 data, 94 hedge funds were long Adobe Inc. (NASDAQ:ADBE), with combined stakes valued at $10.4 billion. Fisher Asset Management held the biggest position in the company, with 6.7 million shares worth $3.8 billion. 

Richie Capital Group mentioned Adobe Inc. (NASDAQ:ADBE) in its Q2 2021 investor letter. Here is what the fund has to say:

“Adobe Inc. (NASDAQ:ADBE) (up 24.8%) – In the last 15 years, Adobe Inc. (NASDAQ:ADBE) 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, Adobe Inc. (NASDAQ:ADBE) sells a full suite of software products through a recurring subscription model. Adobe Inc. (NASDAQ:ADBE) transitioned from selling boxed software to recurring subscriptions in 2013 and revenues have grown consistently since. Adobe Inc. (NASDAQ:ADBE) achieved $13B in revenue in 2020 with 88% Gross Margins.”

You can also take a look at 10 Biotech Stocks to Buy Today According to Ken Fisher’s Fisher Asset Management and Top 10 Small-Cap Stocks Added to Billionaire Mario Gabelli’s Portfolio

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