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Cathie Wood Bought More of Zoom as Shares Fell After Results

2023-08-23 10:54
Cathie Wood bought more of Zoom Video Communications Inc. as the stock fell Tuesday in the wake of
Cathie Wood Bought More of Zoom as Shares Fell After Results

Cathie Wood bought more of Zoom Video Communications Inc. as the stock fell Tuesday in the wake of the video-conferencing company’s results.

Two funds run by Wood’s Ark Investment Management LLC bought a total of 122,831 shares of Zoom, marking the firm’s first purchase of the stock in about two months, according to daily trading data compiled by Bloomberg.

Zoom reported better-than-expected quarterly results and raised its full-year outlook after Monday’s close. Its stock fell 2.1% Tuesday, however, as analysts cited some concerns about longer-term growth visibility.

Fresh investment from Ark, which holds a combined stake in Zoom of more than 4%, demonstrates Wood’s continued faith in the pandemic poster child of remote work, even in the face of global return-to-office campaigns and competition from rivals such as Microsoft Corp.

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Zoom’s shares are down 2.1% so far this year, on course to underperform the Nasdaq 100 Index for a third-straight year. Wood’s flagship Ark Innovation ETF has risen 31% in 2023, compared with gains of 14% for the S&P 500 Index and 36% for the Nasdaq 100.