Cathie Wood Buys Adobe As Stock Tumbles After $20 Billion Deal
Cathie Wood bought another tranche of Adobe shares as the stock languishes near its mid-September low.
(Bloomberg) -- Cathie Wood bought another tranche of Adobe Inc. shares as the stock languishes near its mid-September low when it cratered after announcing its biggest ever acquisition.
Wood’s Ark Next Generation Internet ETF bought 23,605 Adobe shares on Monday, nearly a month after the software product maker said it would buy software design startup Figma Inc. in a deal valued at about $20 billion, according to Bloomberg data.
The same fund bought 22,874 shares on Sept. 19, days after Adobe suffered its steepest single-day decline since 2010.
Ark Investment Management LLC was holding less than 1,200 shares of the company at least since mid-2021 before the recent purchases, Bloomberg data showed.
The selloff in the wake of Figma’s acquisition has led to a flurry of analyst downgrades on Adobe’s stock, a Wall Street favorite for more than a decade. It has lost more than half of its value from a record high in November.
Ark’s main ETF has plunged 63% in 2022 as historical tightening by the Federal Reserve and global recession fears batter growth stocks.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
