Figma (NYSE:FIG) Stock Price Down 5.1% – What’s Next?

Figma, Inc. (NYSE:FIG) dropped 5.1% during trading on Tuesday . The company traded as low as $21.34 and last traded at $21.1930. Approximately 7,581,953 shares changed hands during trading, a decline of 57% from the average session volume of 17,802,047 shares. The stock had previously closed at $22.33.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada reissued a “sector perform” rating on shares of Figma in a research report on Thursday, August 6th. Piper Sandler reaffirmed an “overweight” rating and set a $30.00 price target on shares of Figma in a research report on Thursday, June 25th. Weiss Ratings downgraded shares of Figma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 14th. KeyCorp started coverage on shares of Figma in a report on Monday, September 14th. They issued a “sector weight” rating on the stock. Finally, Oppenheimer restated a “market perform” rating on shares of Figma in a report on Thursday, June 25th. Four equities 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.56.

Figma Trading Down 4.1%

The business’s 50-day simple moving average is $24.67 and its two-hundred day simple moving average is $22.57. The company has a market capitalization of $9.74 billion and a PE ratio of -5.88.

Figma (NYSE:FIG) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.30. Figma had a negative net margin of 123.15% and a negative return on equity of 100.03%. The firm had revenue of $370.08 million for the quarter. During the same period in the prior year, the company earned $0.09 earnings per share. The company’s revenue was up 48.2% on a year-over-year basis. On average, analysts forecast that Figma, Inc. will post -0.75 EPS for the current year.

Insider Transactions at Figma

In other Figma news, CRO Shaunt Voskanian sold 30,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $27.91, for a total transaction of $837,300.00. Following the sale, the executive directly owned 1,698,620 shares of the company’s stock, valued at approximately $47,408,484.20. This represents a 1.74% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, General Counsel Brendan Mulligan sold 211,599 shares of Figma stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $29.79, for a total transaction of $6,303,534.21. Following the completion of the transaction, the general counsel directly owned 727,952 shares of the company’s stock, valued at $21,685,690.08. This trade represents a 22.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,332,269 shares of company stock valued at $34,624,827. Company insiders own 32.26% of the company’s stock.

Hedge Funds Weigh In On Figma

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Greylock XIV GP LLC bought a new position in Figma in the 2nd quarter valued at about $1,056,824,403. Cosmic Management LLC bought a new stake in Figma during the fourth quarter worth approximately $151,535,000. Bank of America Corp DE lifted its position in Figma by 428.1% in the first quarter. Bank of America Corp DE now owns 4,180,575 shares of the company’s stock worth $88,377,000 after purchasing an additional 3,388,902 shares during the period. Index Venture Growth Associates V Ltd bought a new position in Figma during the 4th quarter valued at $87,780,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Figma during the first quarter valued at about $36,600,000.

About Figma

Figma, Inc develops collaborative software for designing, prototyping and building digital products. Its cloud-based platform enables product designers, developers, marketers and other stakeholders to work together in real time on user interfaces, prototypes and digital experiences.

The company’s product portfolio includes Figma Design for interface design and prototyping, FigJam for online whiteboarding and brainstorming, and Dev Mode, which helps developers inspect designs and translate them into code.