Principal Financial Group Inc. Makes New $3.22 Million Investment in FIGS, Inc. $FIGS

Principal Financial Group Inc. purchased a new position in shares of FIGS, Inc. (NYSE:FIGS) during the first quarter, Holdings Channel reports. The institutional investor purchased 217,717 shares of the company’s stock, valued at approximately $3,216,000.

Other institutional investors have also recently made changes to their positions in the company. Marshall Wace LLP raised its holdings in shares of FIGS by 66.2% in the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company’s stock valued at $48,824,000 after acquiring an additional 1,712,610 shares in the last quarter. BNP Paribas Financial Markets increased its position in FIGS by 2,139.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company’s stock valued at $7,374,000 after purchasing an additional 1,249,091 shares during the period. Ameriprise Financial Inc. increased its position in FIGS by 9.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company’s stock valued at $78,602,000 after purchasing an additional 1,144,962 shares during the period. Squarepoint Ops LLC raised its holdings in shares of FIGS by 940.7% in the 2nd quarter. Squarepoint Ops LLC now owns 924,092 shares of the company’s stock valued at $5,212,000 after purchasing an additional 835,300 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in shares of FIGS in the 1st quarter valued at about $3,199,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.

FIGS Trading Up 2.0%

Shares of FIGS stock opened at $10.54 on Thursday. The business’s fifty day simple moving average is $11.07 and its 200-day simple moving average is $12.54. The company has a market cap of $1.76 billion, a PE ratio of 47.91 and a beta of 1.01. FIGS, Inc. has a 12-month low of $6.07 and a 12-month high of $17.48.

FIGS (NYSE:FIGS) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The firm had revenue of $159.90 million during the quarter, compared to analysts’ expectations of $153.15 million. The company’s revenue was up 28.0% compared to the same quarter last year. On average, equities analysts forecast that FIGS, Inc. will post 0.26 earnings per share for the current year.

Insider Activity

In other FIGS news, CFO Sarah Oughtred sold 23,597 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $338,145.01. Following the completion of the sale, the chief financial officer owned 1,129,791 shares of the company’s stock, valued at approximately $16,189,905.03. This trade represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Heather L. Hasson sold 32,385 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $14.33, for a total value of $464,077.05. Following the sale, the chairman owned 1,433,807 shares in the company, valued at $20,546,454.31. The trade was a 2.21% 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. 27.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FIGS. KeyCorp reiterated an “overweight” rating on shares of FIGS in a research note on Tuesday, June 23rd. Morgan Stanley boosted their price objective on shares of FIGS from $8.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Monday, April 13th. BTIG Research restated a “buy” rating and set a $20.00 target price on shares of FIGS in a report on Friday, April 24th. Weiss Ratings cut FIGS from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Zacks Research downgraded FIGS from a “strong-buy” rating to a “hold” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, FIGS has an average rating of “Moderate Buy” and a consensus target price of $15.93.

FIGS Company Profile

FIGS, Inc operates as a direct-to-consumer designer and retailer of medical apparel and accessories. The company offers a range of products tailored to the needs of healthcare professionals, including scrub sets, lab coats, tops, bottoms, outerwear, footwear, and performance fabrics designed for comfort, durability, and antimicrobial protection. Through its e-commerce platform and a growing network of retail stores, FIGS provides customizable uniforms and accessories with a focus on innovative materials and functional design features such as four-way stretch fabrics, moisture-wicking technology, and multiple secure pockets.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS set out to disrupt the traditional medical uniform market by emphasizing both form and function.