Figma (NYSE:FIG) Stock Rating Upgraded by Citigroup

Figma (NYSE:FIG) was upgraded by equities research analysts at Citigroup to a “strong-buy” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports.

A number of other research firms have also recently weighed in on FIG. Stifel Nicolaus set a $25.00 price target on Figma in a report on Friday, May 15th. Wells Fargo & Company cut their price objective on shares of Figma from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, February 19th. The Goldman Sachs Group set a $35.00 price objective on Figma in a report on Thursday, February 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $30.00 target price (down from $35.00) on shares of Figma in a research report on Friday, May 15th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Figma in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $38.33.

Figma Price Performance

Figma stock opened at $18.88 on Wednesday. The company’s 50-day moving average is $20.37 and its 200-day moving average is $26.45. The firm has a market capitalization of $8.41 billion and a PE ratio of -5.50. Figma has a fifty-two week low of $16.60 and a fifty-two week high of $142.92.

Figma (NYSE:FIG) last issued its earnings results on Thursday, May 14th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.27. The business had revenue of $333.44 million during the quarter. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. The company’s quarterly revenue was up 46.1% on a year-over-year basis. As a group, analysts expect that Figma will post -0.78 EPS for the current year.

Insiders Place Their Bets

In other Figma news, CEO Dylan Field sold 174,430 shares of Figma stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.02, for a total value of $4,364,238.60. 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, CFO Praveer Melwani sold 83,974 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $22.77, for a total transaction of $1,912,087.98. Following the completion of the sale, the chief financial officer directly owned 1,749,024 shares of the company’s stock, valued at $39,825,276.48. This represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 694,220 shares of company stock worth $17,023,005. 45.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Figma

Hedge funds have recently added to or reduced their stakes in the stock. SC US Ttgp LTD. bought a new stake in shares of Figma during the 3rd quarter valued at $1,310,305,000. ICONIQ Capital LLC acquired a new position in Figma in the third quarter valued at about $1,108,879,000. a16z Capital Management L.L.C. bought a new stake in Figma during the third quarter worth about $842,687,000. Viking Global Investors LP acquired a new stake in Figma during the fourth quarter worth about $214,967,000. Finally, Durable Capital Partners LP acquired a new stake in Figma during the third quarter worth about $278,510,000.

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.