Katie Wood, CEO of Ark Invest, has re-acquired a stake in Adobe. As you know, the securities of the software manufacturer are trading near the low of mid-September, when the shares collapsed after Adobe announced the largest acquisition in its history. Wood acquired 23,605 shares through the ARK Next Generation Internet ETF fund, almost a month after Adobe announced the purchase of Figma Inc. in a deal worth about $20 billion. On September 19, the same fund bought 22,874 shares, days after Adobe experienced its sharpest daily drop since 2010. Analysts note that Ark Investment Management LLC has held less than 1,200 Adobe shares since at least mid-2021 until recent purchases. The massive sale of Adobe shares after the acquisition of Figma led to a series of downgrades of Adobe's rating, despite the fact that for more than 10 years this company has been a favorite of Wall Street. Since reaching a record high in November, the stock has lost more than half of its value. The current value of one Adobe share is $287.49.
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