Figma (NYSE:FIG) Price Target Cut to $35.00 by Analysts at Citigroup

Figma (NYSE:FIG) had its price target reduced by Citigroup from $36.00 to $35.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on FIG. Weiss Ratings restated a “sell (e+)” rating on shares of Figma in a research note on Tuesday, May 19th. BTIG Research initiated coverage on Figma in a report on Monday, April 13th. They issued a “neutral” rating for the company. Piper Sandler restated an “overweight” rating and set a $30.00 price objective on shares of Figma in a report on Thursday, June 25th. Bank of America assumed coverage on shares of Figma in a research report on Tuesday, July 7th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on shares of Figma from $42.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Figma currently has an average rating of “Hold” and an average price target of $32.56.

Figma Stock Performance

NYSE:FIG opened at $21.18 on Friday. The stock has a market capitalization of $9.44 billion and a P/E ratio of -6.17. The company’s 50-day simple moving average is $21.35 and its 200-day simple moving average is $23.49. Figma has a fifty-two week low of $16.60 and a fifty-two week high of $142.92.

Figma (NYSE:FIG) last posted its earnings results on Thursday, May 14th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.27. The company had revenue of $333.44 million during the quarter. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. Figma’s revenue for the quarter was up 46.1% compared to the same quarter last year. On average, research analysts forecast that Figma will post -0.79 EPS for the current year.

Insider Activity

In other Figma news, CEO Dylan Field sold 174,430 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.02, for a total value of $4,364,238.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tyler Herb sold 1,850 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $26.40, for a total transaction of $48,840.00. Following the sale, the chief accounting officer directly owned 263,435 shares in the company, valued at approximately $6,954,684. The trade was a 0.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 733,309 shares of company stock valued at $17,824,756 in the last three months. Corporate insiders own 32.26% of the company’s stock.

Institutional Investors Weigh In On Figma

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in shares of Figma by 3,890.0% in the first quarter. Parallel Advisors LLC now owns 1,197 shares of the company’s stock valued at $25,000 after purchasing an additional 1,167 shares during the period. NewEdge Advisors LLC purchased a new stake in shares of Figma during the third quarter worth about $26,000. DV Equities LLC acquired a new position in shares of Figma during the 4th quarter worth about $26,000. Concord Wealth Partners lifted its stake in Figma by 1,446.8% in the 4th quarter. Concord Wealth Partners now owns 727 shares of the company’s stock valued at $27,000 after buying an additional 680 shares in the last quarter. Finally, Harbour Investments Inc. lifted its stake in Figma by 1,568.2% in the 4th quarter. Harbour Investments Inc. now owns 734 shares of the company’s stock valued at $27,000 after buying an additional 690 shares in the last quarter.

About Figma

Figma is a San Francisco–based software company that offers a web-based platform for interface design, prototyping and collaboration. Its flagship product, Figma, enables teams to create and refine user interfaces, vector graphics and design systems directly in a browser, eliminating the need for local installations. The platform’s real-time collaboration features allow multiple stakeholders—designers, developers and product managers—to edit and comment simultaneously, streamlining workflows and reducing version control issues.

In addition to its core design tool, Figma provides FigJam, a digital whiteboarding solution that facilitates brainstorming sessions, wireframing and diagramming.