Figma (NYSE:FIG) General Counsel Sells 20,701 Shares of Company Stock

Figma, Inc. (NYSE:FIG) General Counsel Brendan Mulligan sold 20,701 shares of the business’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $21.74, for a total transaction of $450,039.74. Following the transaction, the general counsel owned 579,274 shares in the company, valued at approximately $12,593,416.76. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, September 3rd, Brendan Mulligan sold 109,106 shares of Figma stock. The shares were sold at an average price of $25.98, for a total value of $2,834,573.88.
• On Friday, August 28th, Brendan Mulligan sold 211,599 shares of Figma stock. The stock was sold at an average price of $29.79, for a total value of $6,303,534.21.
• On Wednesday, July 29th, Brendan Mulligan sold 18,213 shares of Figma stock. The stock was sold at an average price of $25.00, for a total value of $455,325.00.

Figma Trading Down 1.3%

Shares of FIG traded down $0.29 during mid-day trading on Wednesday, hitting $21.64. The company’s stock had a trading volume of 5,695,976 shares, compared to its average volume of 17,368,371. The firm has a 50-day simple moving average of $24.34 and a 200 day simple moving average of $22.06. The firm has a market capitalization of $9.85 billion, a P/E ratio of -5.95 and a beta of 1.32. Figma, Inc. has a 1-year low of $16.60 and a 1-year high of $71.48.

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

Analysts Set New Price Targets

FIG has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price target on shares of Figma from $42.00 to $36.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Oppenheimer reiterated a “market perform” rating on shares of Figma in a research note on Thursday, June 25th. Morgan Stanley set a $33.00 price objective on shares of Figma in a report on Thursday, August 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Figma in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.56.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FIG. Greylock XIV GP LLC acquired a new position in shares of Figma during the 2nd quarter worth $1,056,824,403. SC US Ttgp LTD. grew its stake in Figma by 5.8% in the 1st quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock valued at $565,034,000 after acquiring an additional 1,466,851 shares during the last quarter. Cosmic Management LLC acquired a new stake in Figma in the 4th quarter valued at about $151,535,000. Bank of America Corp DE increased its holdings in Figma by 428.1% during the 1st quarter. Bank of America Corp DE now owns 4,180,575 shares of the company’s stock valued at $88,377,000 after acquiring an additional 3,388,902 shares in the last quarter. Finally, Index Venture Growth Associates V Ltd purchased a new position in Figma during the 4th quarter valued at about $87,780,000.

About Figma

Figma, Inc is a collaborative software company that provides browser-based tools for designing, prototyping and developing digital products. Its platform enables product designers, developers, researchers, marketers and other stakeholders to work together on user interfaces and digital experiences in real time.

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