Insider Selling: Figma (NYSE:FIG) General Counsel Sells $6,303,534.21 in Stock

Figma, Inc. (NYSE:FIG) General Counsel Brendan Mulligan sold 211,599 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $29.79, for a total transaction of $6,303,534.21. Following the completion of the sale, the general counsel owned 727,952 shares in the company, valued at $21,685,690.08. This represents a 22.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Brendan Mulligan also recently made the following trade(s):

• On Wednesday, July 29th, Brendan Mulligan sold 18,213 shares of Figma stock. The shares were sold at an average price of $25.00, for a total value of $455,325.00.

Figma Price Performance

Shares of FIG traded down $0.35 during trading hours on Tuesday, hitting $27.14. The stock had a trading volume of 10,592,163 shares, compared to its average volume of 18,066,941. The firm has a market capitalization of $12.35 billion and a PE ratio of -7.46. Figma, Inc. has a 12 month low of $16.60 and a 12 month high of $71.48. The stock has a fifty day moving average price of $23.64 and a 200 day moving average price of $22.83.

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

Hedge Funds Weigh In On Figma

Large investors have recently made changes to their positions in the business. Greylock XIV GP LLC purchased a new stake in shares of Figma during the second quarter worth about $1,056,824,403. SC US Ttgp LTD. lifted its holdings in Figma by 5.8% in the 1st quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock worth $565,034,000 after purchasing an additional 1,466,851 shares in the last quarter. a16z Capital Management L.L.C. purchased a new position in Figma in the 3rd quarter worth approximately $842,687,000. JPMorgan Chase & Co. boosted its stake in Figma by 119.4% in the 4th quarter. JPMorgan Chase & Co. now owns 6,643,939 shares of the company’s stock worth $248,284,000 after purchasing an additional 3,615,198 shares during the period. Finally, Viking Global Investors LP bought a new position in Figma in the 4th quarter worth approximately $214,967,000.

Analysts Set New Price Targets

A number of brokerages recently commented on FIG. Piper Sandler reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Figma in a report on Thursday, June 25th. Bank of America upped their price target on Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Figma in a research note on Thursday, August 6th. Citigroup increased their target price on shares of Figma from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, Oppenheimer restated a “market perform” rating on shares of Figma in a research note on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.56.

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.