Figma (NYSE:FIG) Coverage Initiated by Analysts at Telsey Advisory Group

Telsey Advisory Group began coverage on shares of Figma (NYSE:FIG) in a report released on Monday,Zacks reports. The firm issued a hold rating on the stock.

A number of other research firms have also commented on FIG. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Figma in a research note on Thursday, August 6th. Bank of America upped their price target on shares of Figma from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. Piper Sandler reiterated an “overweight” rating on shares of Figma in a report on Monday, October 26th. Finally, Stifel Nicolaus lowered their price objective on Figma from $25.00 to $22.00 and set a “hold” rating for the company in a research report on Wednesday, October 14th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $30.50.

Figma Price Performance

Figma stock opened at $21.00 on Monday. The stock’s 50 day moving average is $23.13 and its 200 day moving average is $23.11. Figma has a one year low of $16.60 and a one year high of $48.69. The firm has a market cap of $9.56 billion, a P/E ratio of -5.77 and a beta of 1.17.

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

Insider Buying and Selling

In related news, CAO Tyler Herb sold 1,418 shares of the business’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $21.62, for a total transaction of $30,657.16. Following the transaction, the chief accounting officer owned 246,130 shares in the company, valued at $5,321,330.60. The trade was a 0.57% decrease in their position. The transaction 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, General Counsel Brendan Mulligan sold 20,701 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $21.74, for a total transaction of $450,039.74. Following the transaction, the general counsel directly owned 579,274 shares in the company, valued at approximately $12,593,416.76. This represents a 3.45% 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. Insiders have sold a total of 393,296 shares of company stock worth $10,858,069 over the last ninety days. 32.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Figma

Institutional investors have recently made changes to their positions in the stock. Greylock XIV GP LLC bought a new stake in Figma during the 2nd quarter valued at $1,056,824,403. SC US Ttgp LTD. lifted its stake in shares of Figma by 5.8% in the first quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock valued at $565,034,000 after buying an additional 1,466,851 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Figma by 428.1% in the first quarter. Bank of America Corp DE now owns 4,180,575 shares of the company’s stock valued at $88,377,000 after buying an additional 3,388,902 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of Figma by 26,445.4% in the third quarter. Pictet Asset Management Holding SA now owns 3,072,370 shares of the company’s stock valued at $64,581,000 after buying an additional 3,060,796 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Figma during the first quarter valued at about $36,600,000.

Figma Company Profile

Figma, Inc (NYSE: FIG) develops collaborative software for designing digital products and user experiences. Its browser-based platform enables teams to create, prototype, review and manage designs in real time, supporting collaboration among designers, developers, product managers and other stakeholders.

The company’s product portfolio includes Figma Design, a collaborative interface-design and prototyping tool; FigJam, an online whiteboard for brainstorming and planning; and Dev Mode, which helps developers inspect designs and translate them into software.