Figma (NYSE:FIG) Stock Price Up 8.4% After Insider Buying Activity

Shares of Figma, Inc. (NYSE:FIG) rose 8.4% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $27.37 and last traded at $26.82. Approximately 13,002,263 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 14,459,364 shares. The stock had previously closed at $24.75.

Specifically, Director Andrew Phillips Reed acquired 912,749 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were purchased at an average cost of $24.30 per share, for a total transaction of $22,179,800.70. Following the transaction, the director directly owned 1,466,852 shares of the company’s stock, valued at approximately $35,644,503.60. This trade represents a 164.73% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew Phillips Reed bought 554,103 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $25.90 per share, for a total transaction of $14,351,267.70. Following the completion of the transaction, the director directly owned 554,103 shares of the company’s stock, valued at $14,351,267.70. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FIG shares. The Goldman Sachs Group set a $35.00 price objective on Figma in a research note on Thursday, February 19th. Wall Street Zen raised shares of Figma from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Barclays upgraded shares of Figma to a “neutral” rating in a report on Thursday, January 8th. Piper Sandler reiterated an “overweight” rating and issued a $35.00 price objective on shares of Figma in a research report on Thursday, February 19th. Finally, Royal Bank Of Canada reduced their price objective on Figma from $38.00 to $31.00 and set a “sector perform” rating for the company in a report on Thursday, February 19th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Figma has an average rating of “Hold” and an average price target of $43.25.

Figma Stock Down 3.3%

The business’s 50 day simple moving average is $30.43 and its 200 day simple moving average is $45.29. The company has a market capitalization of $13.33 billion and a PE ratio of -9.68.

Figma (NYSE:FIG) last announced its quarterly earnings results on Wednesday, February 18th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.28. Figma had a negative return on equity of 97.03% and a negative net margin of 121.87%.The business had revenue of $303.78 million during the quarter. The company’s revenue for the quarter was up 40.1% on a year-over-year basis.

Hedge Funds Weigh In On Figma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gladstone Capital Management LLP increased its position in Figma by 2.9% during the fourth quarter. Gladstone Capital Management LLP now owns 17,081 shares of the company’s stock worth $638,000 after acquiring an additional 481 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Figma in the 3rd quarter valued at $26,000. NewEdge Advisors LLC acquired a new position in Figma during the third quarter worth about $26,000. Wilmington Savings Fund Society FSB bought a new position in Figma in the 3rd quarter valued at approximately $27,000. Finally, Charles Schwab Investment Management Inc. raised its position in Figma by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,212 shares of the company’s stock valued at $568,000 after purchasing an additional 559 shares during the last quarter.

Figma Company Profile

Figma is a San Francisco–based software company that offers a web-based platform for interface design, prototyping and collaboration. Its flagship product, Figma, enables teams to create and refine user interfaces, vector graphics and design systems directly in a browser, eliminating the need for local installations. The platform’s real-time collaboration features allow multiple stakeholders—designers, developers and product managers—to edit and comment simultaneously, streamlining workflows and reducing version control issues.

In addition to its core design tool, Figma provides FigJam, a digital whiteboarding solution that facilitates brainstorming sessions, wireframing and diagramming.