Figure Technology Solutions (NASDAQ:FIGR) Given New $67.00 Price Target at Sanford C. Bernstein

Figure Technology Solutions (NASDAQ:FIGR) had its price objective dropped by research analysts at Sanford C. Bernstein from $72.00 to $67.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Sanford C. Bernstein’s target price suggests a potential upside of 116.13% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Bank of America lowered Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a report on Tuesday, February 3rd. Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 11th. Finally, Mizuho reduced their price target on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.75.

Figure Technology Solutions Price Performance

Shares of FIGR opened at $31.00 on Monday. Figure Technology Solutions has a 1-year low of $25.01 and a 1-year high of $78.00. The firm has a market capitalization of $5.50 billion and a PE ratio of 77.50. The company’s 50-day moving average is $40.93. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. Figure Technology Solutions’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its board has approved a stock repurchase plan on Thursday, February 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In related news, insider David Todd Stevens sold 49,708 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total value of $1,591,650.16. Following the completion of the transaction, the insider directly owned 436,089 shares of the company’s stock, valued at $13,963,569.78. This represents a 10.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 292,478 shares of company stock valued at $9,715,699 over the last ninety days.

Hedge Funds Weigh In On Figure Technology Solutions

Several large investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. acquired a new stake in shares of Figure Technology Solutions in the 4th quarter worth $935,000. WMS Group LLC acquired a new position in shares of Figure Technology Solutions during the fourth quarter worth about $300,000. Bank of Hawaii purchased a new position in Figure Technology Solutions during the fourth quarter worth about $1,087,000. Invesco Ltd. lifted its position in Figure Technology Solutions by 66.5% in the fourth quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock valued at $47,594,000 after purchasing an additional 465,606 shares during the period. Finally, Alpine Woods Capital Investors LLC purchased a new stake in Figure Technology Solutions in the 4th quarter valued at approximately $1,897,000.

About Figure Technology Solutions

Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.