The article reports that the best mutual funds are investing in Adobe stock, with savvy money managers buying up $1.3 billion worth of shares. This comes as the AI wave continues to drive demand across industries, and Adobe looks to generate a breakout and reach an all-time high. Comparatively, Nvidia has been absent from the list of new buys by these mutual funds since October. While 221 funds have a position in Microsoft, 120 own shares of Nvidia, and 88 funds have invested in Adobe stock. Adobe has a better Earnings Stability Rating than Microsoft and a stable earnings performance. The company recently surpassed $5 billion in sales and had a 19% increase in earnings per share in its latest quarterly report. Adobe is targeting a buy point with its second-stage flat base and is testing support at its 50-day moving average. Adobe has established itself as a leader in marketing, analytics, and creative tools and is using generative AI to help clients reshape their marketing initiatives. The company will showcase its latest developments and technologies at the Adobe Summit 2024. Recently, Adobe unveiled major audio updates to its tools for filmmakers, including AI-powered audio category tagging.
