Citigroup Issues Pessimistic Forecast for Figma (NYSE:FIG) Stock Price

Figma (NYSE:FIG) had its price objective reduced by analysts at Citigroup from $36.00 to $35.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 65.34% from the company’s previous close.

Several other brokerages also recently commented on FIG. JPMorgan Chase & Co. cut their target price on Figma from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Royal Bank Of Canada dropped their target price on Figma from $28.00 to $22.00 and set a “sector perform” rating on the stock in a report on Thursday, June 25th. Morgan Stanley reduced their price objective on shares of Figma from $44.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, May 15th. Stifel Nicolaus set a $25.00 target price on shares of Figma in a report on Friday, May 15th. Finally, BTIG Research initiated coverage on Figma in a report on Monday, April 13th. They set a “neutral” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Figma currently has an average rating of “Hold” and an average target price of $32.56.

Figma Stock Up 5.8%

Shares of FIG traded up $1.17 during mid-day trading on Friday, hitting $21.17. 10,835,346 shares of the company’s stock were exchanged, compared to its average volume of 17,593,258. The firm has a market cap of $9.43 billion and a price-to-earnings ratio of -6.18. The stock’s 50-day simple moving average is $21.38 and its 200-day simple moving average is $23.50. Figma has a 52 week low of $16.60 and a 52 week high of $142.92.

Figma (NYSE:FIG) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.27. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. The company had revenue of $333.44 million for the quarter. The company’s revenue was up 46.1% compared to the same quarter last year. Analysts forecast that Figma will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Kris Rasmussen sold 327,046 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $25.07, for a total value of $8,199,043.22. Following the completion of the sale, the chief technology officer directly owned 9,771,529 shares in the company, valued at $244,972,232.03. This represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Shaunt Voskanian sold 8,629 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.62, for a total value of $177,929.98. Following the completion of the sale, the executive owned 1,764,672 shares of the company’s stock, valued at approximately $36,387,536.64. The trade was a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 733,309 shares of company stock valued at $17,824,756 in the last 90 days. 32.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Figma

Several large investors have recently bought and sold shares of the business. Gladstone Capital Management LLP increased its holdings in shares of Figma by 2.9% in the fourth quarter. Gladstone Capital Management LLP now owns 17,081 shares of the company’s stock valued at $638,000 after purchasing an additional 481 shares during the period. NewEdge Advisors LLC purchased a new position in Figma in the third quarter worth $26,000. Wilmington Savings Fund Society FSB acquired a new stake in Figma in the third quarter valued at $27,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Figma by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,212 shares of the company’s stock valued at $568,000 after purchasing an additional 559 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in Figma during the third quarter worth about $30,000.

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.