Telsey Advisory Group Begins Coverage on Figma (NYSE:FIG)

Stock analysts at Telsey Advisory Group started coverage on shares of Figma (NYSE:FIG) in a research note issued on Monday, Zacks reports. The firm set a “hold” rating on the stock.

Other research analysts have also recently issued research reports about the company. Citigroup cut their price objective on Figma from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Wells Fargo & Company decreased their target price on shares of Figma from $34.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, October 12th. Weiss Ratings raised shares of Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 6th. Morgan Stanley set a $33.00 price target on shares of Figma in a research note on Thursday, August 6th. Finally, Rothschild & Co Redburn assumed coverage on shares of Figma in a report on Monday. They issued a “neutral” rating and a $23.00 price target for the company. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.50.

Figma Stock Down 5.4%

Shares of NYSE:FIG opened at $21.00 on Monday. The company has a 50-day moving average price of $23.13 and a 200 day moving average price of $23.11. Figma has a 52 week low of $16.60 and a 52 week high of $48.69. The company has a market cap of $9.56 billion, a P/E ratio of -5.77 and a beta of 1.17.

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 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 period last year, the company posted $0.09 earnings per share. The business’s quarterly revenue was up 48.2% on a year-over-year basis. Analysts expect that Figma will post -0.75 EPS for the current year.

Insider Buying and Selling at Figma

In other Figma news, Director Lynn Vojvodich Radakovich sold 20,266 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $22.63, for a total transaction of $458,619.58. Following the sale, the director owned 84,809 shares in the company, valued at approximately $1,919,227.67. This represents a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tyler Herb sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $30.00, for a total value of $60,000.00. Following the transaction, the chief accounting officer directly owned 252,640 shares of the company’s stock, valued at $7,579,200. The trade was a 0.79% decrease in their position. 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 90 days, insiders sold 393,296 shares of company stock worth $10,858,069. 32.26% of the stock is currently owned by insiders.

Institutional Trading of Figma

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amova Asset Management Americas Inc. raised its holdings in Figma by 641.4% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,467,887 shares of the company’s stock valued at $31,031,000 after acquiring an additional 1,269,900 shares during the last quarter. Greylock XIV GP LLC purchased a new position in shares of Figma during the 2nd quarter worth $1,056,824,403. Rokos Capital Management LLP acquired a new stake in shares of Figma during the first quarter worth $4,414,000. Citizens Financial Group Inc. RI acquired a new stake in shares of Figma during the first quarter worth $3,429,000. Finally, Entropy Technologies LP purchased a new stake in shares of Figma in the first quarter valued at $2,263,000.

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.