Figma (NYSE:FIG) Hits New 12-Month Low Following Insider Selling

Shares of Figma, Inc. (NYSE:FIG) reached a new 52-week low during trading on Thursday after an insider sold shares in the company. The company traded as low as $19.85 and last traded at $22.47, with a volume of 24151286 shares traded. The stock had previously closed at $21.39.

Specifically, General Counsel Brendan Mulligan sold 7,671 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $24.86, for a total value of $190,701.06. Following the completion of the sale, the general counsel owned 855,716 shares of the company’s stock, valued at approximately $21,273,099.76. The trade was a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Shaunt Voskanian sold 3,828 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $24.86, for a total transaction of $95,164.08. Following the transaction, the executive directly owned 1,588,735 shares in the company, valued at approximately $39,495,952.10. This represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In other Figma news, CFO Praveer Melwani sold 16,247 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $24.86, for a total value of $403,900.42. Following the completion of the sale, the chief financial officer owned 1,550,298 shares of the company’s stock, valued at $38,540,408.28. The trade was a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

Several brokerages have recently commented on FIG. Wells Fargo & Company raised shares of Figma from an “equal weight” rating to an “overweight” rating and set a $52.00 target price on the stock in a report on Thursday, January 8th. Stifel Nicolaus assumed coverage on Figma in a report on Wednesday, January 7th. They issued a “hold” rating and a $40.00 price objective for the company. Royal Bank Of Canada cut their target price on Figma from $65.00 to $38.00 and set a “sector perform” rating for the company in a research report on Monday, January 5th. Morgan Stanley decreased their price target on Figma from $65.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 15th. Finally, Piper Sandler cut their price objective on shares of Figma from $70.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.75.

Figma Stock Performance

The firm has a market cap of $9.11 billion and a PE ratio of -8.18. The stock’s 50-day moving average price is $33.76.

Figma (NYSE:FIG) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.56) by $1.66. The company had revenue of $274.17 million for the quarter. Figma had a negative net margin of 99.32% and a negative return on equity of 84.34%. The company’s revenue for the quarter was up 38.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 earnings per share.

Institutional Trading of Figma

A number of hedge funds have recently added to or reduced their stakes in FIG. SC US Ttgp LTD. bought a new position in shares of Figma in the 3rd quarter valued at $1,310,305,000. ICONIQ Capital LLC bought a new stake in Figma during the 3rd quarter worth $1,108,879,000. a16z Capital Management L.L.C. acquired a new position in Figma in the 3rd quarter worth about $842,687,000. Baillie Gifford & Co. raised its position in Figma by 93.8% in the fourth quarter. Baillie Gifford & Co. now owns 5,763,613 shares of the company’s stock valued at $215,386,000 after purchasing an additional 2,789,986 shares during the last quarter. Finally, Durable Capital Partners LP acquired a new stake in shares of Figma during the third quarter valued at about $278,510,000.

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.