Stifel Nicolaus Has Lowered Expectations for Figma (NYSE:FIG) Stock Price

Figma (NYSE:FIG) had its target price cut by research analysts at Stifel Nicolaus from $25.00 to $22.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 0.96% from the company’s current price.

Other research analysts have also recently issued reports about the company. Citigroup upped their price objective on Figma from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Wells Fargo & Company decreased their price objective on Figma from $34.00 to $30.00 and set an “overweight” rating for the company in a report on Monday. Weiss Ratings raised Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Bank of America boosted their target price on Figma from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Figma in a research note on Thursday, August 6th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.56.

Figma Stock Down 0.8%

Shares of NYSE FIG opened at $21.79 on Wednesday. Figma has a 1-year low of $16.60 and a 1-year high of $67.68. The company has a fifty day moving average price of $24.05 and a 200 day moving average price of $22.03.

Figma (NYSE:FIG) last released its earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $370.08 million during the quarter. During the same quarter last year, the company posted $0.09 EPS. Figma’s revenue for the quarter was up 48.2% on a year-over-year basis. As a group, sell-side analysts forecast that Figma will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Brendan Mulligan sold 20,701 shares of the firm’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $21.74, for a total value of $450,039.74. Following the completion of the transaction, the general counsel owned 579,274 shares in the company, valued at $12,593,416.76. This trade represents a 3.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Ventures Vi (Jersey) Lp Index sold 12,475 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $25.39, for a total value of $316,740.25. Following the completion of the transaction, the insider owned 786,700 shares of the company’s stock, valued at $19,974,313. The trade was a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,315,299 shares of company stock worth $34,303,773. 32.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Amova Asset Management Americas Inc. grew its stake in shares of Figma by 641.4% in the first quarter. Amova Asset Management Americas Inc. now owns 1,467,887 shares of the company’s stock valued at $31,031,000 after buying an additional 1,269,900 shares in the last quarter. Greylock XIV GP LLC acquired a new position in Figma during the second quarter worth $1,056,824,403. Rokos Capital Management LLP bought a new stake in Figma during the first quarter worth $4,414,000. Citizens Financial Group Inc. RI bought a new stake in Figma during the first quarter worth $3,429,000. Finally, Dimensional Fund Advisors LP bought a new stake in Figma during the first quarter worth $1,693,000.

About Figma

Figma, Inc is a collaborative software company that provides browser-based tools for designing, prototyping and developing digital products. Its platform enables product designers, developers, researchers, marketers and other stakeholders to work together on user interfaces and digital experiences in real time.

The company’s product portfolio includes Figma Design for interface design and prototyping, FigJam for collaborative brainstorming and whiteboarding, and Dev Mode, which helps developers inspect designs and translate them into working products.