Published on 22 Apr 2024 on Insider Monkey via Yahoo Finance
Adobe (ADBE) Fell After Earnings Announcement
Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The correlation between bond yields and stock prices decoupled in the first quarter of 2024, as the Dow increased 5.6%, the S&P 500 increased 10.6%, and the Russell 1000 Growth increased 11.4%. In the first quarter, the portfolio outperformed and returned 14.9% (gross of fees) compared to the Russell 1000 Growth’s (R1G) 11.4% return. Stock Selection led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy featured stocks like Adobe Inc. (NASDAQ:ADBE) in the Q1 2024 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a diversified software company that operates through Digital Media, Digital Experience, and Publishing and Advertising. On April 19, 2024, Adobe Inc. (NASDAQ:ADBE) stock closed at $465.02per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was -8.32%, and its shares gained 23.24% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $208.329 billion.