Legato Capital Management LLC Makes New $715,000 Investment in Figure Technology Solutions, Inc. $FIGR

Legato Capital Management LLC purchased a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 19,665 shares of the company’s stock, valued at approximately $715,000.

A number of other hedge funds also recently modified their holdings of the business. Blue Trust Inc. bought a new stake in shares of Figure Technology Solutions in the third quarter worth $64,000. SBI Securities Co. Ltd. bought a new position in Figure Technology Solutions during the 3rd quarter worth $66,000. PNC Financial Services Group Inc. acquired a new position in Figure Technology Solutions during the 3rd quarter worth about $73,000. Ameritas Advisory Services LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $200,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $255,000.

Insider Activity at Figure Technology Solutions

In related news, Director Michael Scott Cagney sold 200,058 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total transaction of $7,882,285.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Todd Stevens sold 26,057 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total value of $833,824.00. Following the completion of the transaction, the insider owned 462,943 shares in the company, valued at approximately $14,814,176. The trade was a 5.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 426,173 shares of company stock valued at $16,598,394.

Figure Technology Solutions Stock Up 7.1%

Shares of FIGR stock opened at $30.49 on Thursday. The stock’s 50 day moving average is $47.08. The firm has a market cap of $5.37 billion and a P/E ratio of 89.68. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions, Inc. has a 52 week low of $25.01 and a 52 week high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to the consensus estimate of $158.00 million. The business’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its Board of Directors has initiated a share repurchase program on Thursday, February 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FIGR has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. The Goldman Sachs Group decreased their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research report on Monday. Piper Sandler boosted their price target on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research lowered shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Finally, Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.75.

Figure Technology Solutions Profile

Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.