Weitz Investment Management sees Adobe (ADBE) as a solid long-term investment


Weitz Investment Management, an asset management firm, has released its Q2 2022 Letter to Investors. You can download it here. In the second quarter, the institutional category of the Fund returned -16.03%, compared to -16.10% for the S&P 500 index and -20.94% for the Russell 1000. Year-to-date , the fund returned -22.72%. Persistent inflation followed by the Federal Reserve’s aggressive monetary policy affected portfolio performance. You can check out the fund’s top five holdings for its top picks in 2022.

Weitz Investment Management has added Adobe Inc. (NASDAQ: ADBE) to its portfolio. Based in San Jose, California, Adobe Inc. (NASDAQ: ADBE) is a software company that operates globally. Adobe Inc. (NASDAQ:ADBE) stock closed at $437.82 per share on August 17, 2022. Adobe Inc. (NASDAQ:ADBE) returned 7.07% in one month and its stock have lost 31.34% of their value in the last 52 weeks. . Adobe Inc. (NASDAQ: ADBE) has a market capitalization of $204.9 billion.

Here’s what Weitz Investment Management specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q2 2022 letter.

“We have added a new position in Adobe Inc. (NASDAQ:ADBE) as software stocks continued their fall from grace. Adobe is a leading software vendor in three major segments with strong tailwinds. Creative Cloud, a collection of software and apps from Adobe, serves professionals, communicators and consumers in the rapidly growing creator economy.

Document Cloud includes ubiquitous PDF technology, Acrobat and Adobe Sign applications, and other tools to power digital documents. Experience Cloud is a customer experience platform that is a marketing technology leader alongside Salesforce.com (CRM).

Adobe is a “meat and potatoes” software investment with deep-seated competitive positions, exceptional margins and free cash flow, and long avenues for sustainable, above-average growth. More importantly, we believe this well-run business is trading at a very fair price for a long-term owner.”

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Weitz Investment Management is invested in Adobe Inc. (NASDAQ:ADBE) and the stock is in 23rd position on the list of the 30 most popular stocks among hedge funds. According to our database, Adobe Inc. (NASDAQ:ADBE) was held by 92 hedge fund portfolios at the end of the first quarter and 93 in the prior quarter.

We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Andvari Associates’ views on the company. For more letters from hedge fund investors and other leading investors, you can see our Q2 2022 Hedge Fund Investor Letters page.

Disclosure: none. This article originally appeared on Insider Monkey.


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