Cathie Wood-LED ARK Investment Management bought over 23,000 shares in the software manufacturer Adobe Inc ADBE through the ARK Next Generation Internet ETF ARKWwhich is estimated to be worth over $6.7 million based on Monday’s closing price.
Adobe is 30th largest holding in ARK Next Generation Internet ETF with a weighting of 0.55%, according to data available on the company’s website.
Also read: Best Investment Apps
Figma Acquisition: Adobe’s shares have been in a downtrend since September after the company announced it would acquire the design platform figma for approximately $20 billion in cash and stock. Over the past month, the company’s shares have lost over 27%.
“Figma’s web-based multiplayer 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 said.
Adobe stated that Figma has a total addressable market of $16.5 billion by 2025, adding that the company is expected to add about $200 million in net new ARR this year, which is $400 million in total ARR by the end of 2022. The transaction is expected to close in 2023.
Reviews: On September 19th Wells Fargo downgraded the stock to equal-weight from overweight and lowered its price target to $310 from $425 Benzinga Analyst’s stock valuation 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 ARK Genomic Revolution ETF ARKG.
Continue reading: Elon Musk nods as Cathie Wood sounds alarm over trillion-dollar auto debt market facing ‘serious losses’
