The Goldman Sachs Group Has Lowered Expectations for Figure Technology Solutions (NASDAQ:FIGR) Stock Price

Figure Technology Solutions (NASDAQ:FIGR) had its target price lowered by equities researchers at The Goldman Sachs Group from $49.00 to $44.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 54.55% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Zacks Research lowered Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Sanford C. Bernstein raised their price objective on Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, January 13th. Finally, Piper Sandler boosted their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.75.

Figure Technology Solutions Price Performance

Shares of NASDAQ FIGR opened at $28.47 on Monday. The firm has a market cap of $5.01 billion and a PE ratio of 83.74. Figure Technology Solutions has a 12 month low of $25.01 and a 12 month high of $78.00. The stock’s 50 day moving average price is $47.37. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) 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. The firm’s revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions announced that its board has initiated a share repurchase plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Michael Scott Cagney sold 200,058 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David K. Chao acquired 4,000 shares of Figure Technology Solutions stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average price of $38.26 per share, for a total transaction of $153,040.00. Following the completion of the acquisition, the director owned 4,000 shares in the company, valued at $153,040. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 426,173 shares of company stock worth $16,598,394.

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in FIGR. Global Retirement Partners LLC acquired a new stake in Figure Technology Solutions during the 4th quarter valued at $25,000. Strs Ohio purchased a new stake in Figure Technology Solutions during the fourth quarter worth approximately $34,000. MetLife Investment Management LLC acquired a new stake in Figure Technology Solutions in the 4th quarter valued at $35,000. Flagship Harbor Advisors LLC acquired a new stake in Figure Technology Solutions in the fourth quarter valued at approximately $40,000. Finally, Johnson Financial Group Inc. purchased a new position in Figure Technology Solutions in the 4th quarter valued at about $41,000.

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.