Adobe Stock Crumbled. Chief Financial Officer Dan Durn Bought the Dip.
Summary
Adobe stock tumbled after the software giant announced an acquisition. Soon thereafter, Chief Financial Officer Dan Durn bought nearly $1 million of shares. Adobe (ticker: ADBE) announced on Sept. 15 that it had agreed to buy collaboration-software firm Figma for $20 billion. Investors didn’t like the deal, and Adobe stock tumbled 17% that day, to close at $309.13. The shares continued to fall in the following days, hitting a 2½-year intraday low of $274.73 on Sept. 27.
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