Figma (NYSE:FIG) Share Price Breaks Below 200-Day Moving Average – What’s Next?

Figma, Inc. (NYSE:FIG) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $23.45 and traded as low as $22.67. Figma shares last traded at $22.9480, with a volume of 9,601,940 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FIG. Wells Fargo & Company reduced their price objective on shares of Figma from $34.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday, October 12th. Piper Sandler reaffirmed an “overweight” rating on shares of Figma in a research report on Monday. Bank of America boosted their price objective on Figma from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Wednesday, August 19th. Royal Bank Of Canada restated a “sector perform” rating on shares of Figma in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 6th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.56.

Figma Trading Down 2.4%

The stock’s 50-day moving average is $23.61 and its 200-day moving average is $23.45. The company has a market cap of $10.44 billion, a price-to-earnings ratio of -6.30 and a beta of 1.32.

Figma (NYSE:FIG) last issued its earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.30. The company had revenue of $370.08 million for the quarter. The firm’s quarterly revenue was up 48.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 earnings per share. As a group, analysts predict that Figma, Inc. will post -0.75 EPS for the current year.

Insider Activity

In other news, CRO Shaunt Voskanian sold 30,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $27.91, for a total transaction of $837,300.00. Following the transaction, the executive owned 1,698,620 shares of the company’s stock, valued at $47,408,484.20. This represents a 1.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Praveer Melwani sold 40,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $26.63, for a total transaction of $1,065,200.00. Following the transaction, the chief financial officer directly owned 1,674,544 shares in the company, valued at $44,593,106.72. This trade represents a 2.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 674,763 shares of company stock valued at $18,174,484. Corporate insiders own 32.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FIG. Seelaus Asset Management LLC boosted its holdings in Figma by 6.9% in the third quarter. Seelaus Asset Management LLC now owns 12,217 shares of the company’s stock worth $257,000 after acquiring an additional 788 shares in the last quarter. Allen Operations LLC lifted its stake in shares of Figma by 4.3% in the first quarter. Allen Operations LLC now owns 19,596 shares of the company’s stock valued at $414,000 after buying an additional 813 shares in the last quarter. D.A. Davidson & CO. grew its holdings in shares of Figma by 9.7% during the first quarter. D.A. Davidson & CO. now owns 12,230 shares of the company’s stock valued at $259,000 after buying an additional 1,085 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Figma by 3,890.0% during the first quarter. Parallel Advisors LLC now owns 1,197 shares of the company’s stock valued at $25,000 after buying an additional 1,167 shares during the last quarter. Finally, Resolute Advisors LLC grew its holdings in shares of Figma by 5.1% during the second quarter. Resolute Advisors LLC now owns 27,133 shares of the company’s stock valued at $491,000 after buying an additional 1,320 shares during the last quarter.

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.