Cathie Wood Loads Up Over $6.7M In Adobe Stock As It Tumbles 27% In A Month Over Figma Deal

Cathie Wood Loads Up Over $6.7M In Adobe Stock As It Tumbles 27% In A Month Over Figma Deal

Cathie Wood-led ARK Investment Management bought over 23,000 shares of software maker Adobe Inc ADBE through the ARK Next Generation Internet ETF ARKW, estimated to be valued at over $6.7 million based on Monday’s closing price.

Adobe is the 30th largest holding in the ARK Next Generation Internet ETF with a weight of 0.55%, according to data available on the company’s website.

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Figma Acquisition: Shares of Adobe have been on a downtrend since September after it announced the acquisition of design platform Figma for approximately $20 billion in cash and stock. In the last month, shares of the company have lost over 27%.

“Figma’s web-based, multi-player capabilities will accelerate the delivery of Adobe’s Creative Cloud technologies on the web, making the creative process more productive and accessible to more people,” Adobe had said.

Adobe explained that Figma has a total addressable market of $16.5 billion by 2025 and added that the company is expected to add approximately $200 million in net new ARR this year, surpassing $400 million in total ARR exiting 2022. The transaction is expected to close in 2023.

Ratings: On Sept. 19, Wells Fargo downgraded the stock from ‘Overweight’ to ‘Equal-Weight’ while slashing the price target to $310 from $425, according to the Benzinga Analyst Stock Ratings tool.

Other Purchase: Wood also bought over 125,000 shares of Nurix Therapeutics Inc NRIX valued at over $1.3 million based on Monday’s closing price through the ARK Genomic Revolution ETF ARKG.

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