Figma (NYSE:FIG) Price Target Raised to $33.00

Figma (NYSE:FIG) had its target price boosted by Bank of America from $30.00 to $33.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

FIG has been the topic of several other reports. Royal Bank Of Canada reissued a “sector perform” rating on shares of Figma in a report on Thursday, August 6th. Oppenheimer reaffirmed a “market perform” rating on shares of Figma in a report on Thursday, June 25th. JPMorgan Chase & Co. reduced their price target on shares of Figma from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, May 15th. Piper Sandler reissued an “overweight” rating and issued a $30.00 price objective on shares of Figma in a research note on Thursday, June 25th. Finally, Stifel Nicolaus set a $25.00 price objective on shares of Figma in a research note on Friday, May 15th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $32.56.

Figma Stock Performance

FIG opened at $27.04 on Wednesday. Figma has a 52-week low of $16.60 and a 52-week high of $78.00. The firm has a market cap of $12.31 billion and a P/E ratio of -7.43. The business’s fifty day moving average is $22.50 and its 200-day moving average is $22.59.

Figma (NYSE:FIG) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.30. Figma had a negative return on equity of 100.03% and a negative net margin of 123.15%.The business had revenue of $370.08 million during the quarter. During the same period last year, the firm earned $0.09 EPS. The firm’s revenue for the quarter was up 48.2% compared to the same quarter last year. On average, research analysts predict that Figma will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Kris Rasmussen sold 261,301 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $25.07, for a total value of $6,550,816.07. Following the sale, the chief technology officer directly owned 9,492,946 shares in the company, valued at approximately $237,988,156.22. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Brendan Mulligan sold 18,213 shares of Figma stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $25.00, for a total transaction of $455,325.00. Following the sale, the general counsel directly owned 951,571 shares in the company, valued at $23,789,275. This trade represents a 1.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,354,072 shares of company stock valued at $33,678,327. Corporate insiders own 32.26% of the company’s stock.

Hedge Funds Weigh In On Figma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gladstone Capital Management LLP grew its stake in shares of 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 buying an additional 481 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Figma during the third quarter worth $26,000. Wilmington Savings Fund Society FSB bought a new position in shares of Figma in the 3rd quarter valued at $27,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Figma by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,212 shares of the company’s stock valued at $568,000 after acquiring an additional 559 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Figma during the 3rd quarter valued at $30,000.

About Figma

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.