Cathie Wood Sells Snapchat, DocuSign For Second Straight Day, Buys Spotify

Cathie Wood-led Ark Investment Management on Monday booked profit in DocuSign Inc DOCU for a second straight day, after boosting confidence in the e-signature company's ability to draw more customers.

Ark Invest sold 46,938 shares, estimated to be worth about $11.37 million, in DocuSign as shares of the San Francisco, California-based company closed 0.56% higher at $242.32 on Tuesday. Shares of DocuSign have risen about 4% since Friday.

Wood's firm said on Friday, after market hours, DocuSign appears to be gaining traction in international markets and the growth in its Agreement Cloud amid COVID-19 is not a temporary shift. 

Wood’s firm sold the shares in DocuSign via the Ark Innovation ETF ARKK. Ark also holds a stake in the company via the Ark Next Generation Internet ETF ARKW.

The popular investment firm’s holding in DocuSign, whose worth is estimated to be about $592.9 million based on Tuesday’s closing price,  is now down to 2.46 million shares. 

See Also: Cathie Wood Sells $26M In DocuSign Days After Spelling Bull Case, Also Sheds $6M In Snapchat

The investment firm also sold 77,407 shares, estimated to be worth about $4.65 million, in Snapchat parent Snap Inc SNAP.

Shares of the social media company closed 1.99% lower at $60.15 on Tuesday.

Wood’s firm sold the shares in Snap via ARKW and also holds a stake in the company via the Ark Fintech Innovation ETF ARKF. Ark’s stake in Snap is now down to 2.75 million shares, lowering its estimated value to about $168.55 million, as of Tuesday. 

The New York-based investment firm also bought 60,383 shares, estimated to be worth $14.64 million, in Spotify Technology SPOT, its second straight buy in the digital music streaming company.

Shares of Spotify closed marginally down at $242.51 on Tuesday.

ARKK made the purchase. It held about 3.12 million shares, worth about $758.4 million, in the company ahead of Tuesday's trade. ARKW too has a stake in Spotify. 

See Also: Cathie Wood Buys Another $1.6M In Netflix And Trims Stake In Chipmaker NXP By $14.8M

Some of the other key Ark Invest sells on Tuesday include NXP Semiconductors NV NXPI and Magna International Inc MGA buys include Unity Software Inc U.