Figma (NYSE:FIG) Coverage Initiated by Analysts at KeyCorp

Analysts at KeyCorp assumed coverage on shares of Figma (NYSE:FIG) in a research note issued on Monday, Benzinga reports. The firm set a “sector weight” rating on the stock.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company reduced their price objective 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. Bank of America lifted their target price on Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Citigroup lifted their price objective on shares of Figma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Royal Bank Of Canada restated a “sector perform” rating on shares of Figma in a report on Thursday, August 6th. Finally, Weiss Ratings raised Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 27th. Four equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $32.56.

Figma Stock Up 0.1%

Shares of FIG opened at $23.23 on Monday. The stock has a market cap of $10.57 billion and a PE ratio of -6.38. Figma has a 12-month low of $16.60 and a 12-month high of $71.48. The business has a 50-day simple moving average of $24.53 and a two-hundred day simple moving average of $22.85.

Figma (NYSE:FIG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.30. Figma had a negative return on equity of 100.03% and a negative net margin of 123.15%.The company had revenue of $370.08 million for the quarter. During the same quarter last year, the firm posted $0.09 earnings per share. The business’s revenue for the quarter was up 48.2% on a year-over-year basis. On average, equities research analysts expect that Figma will post -0.75 EPS for the current year.

Insider Transactions at Figma

In other news, major shareholder Ventures Vi (Jersey) Lp Index sold 12,475 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $25.39, for a total value of $316,740.25. Following the transaction, the insider owned 786,700 shares in the company, valued at $19,974,313. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Brendan Mulligan sold 109,106 shares of Figma stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $25.98, for a total value of $2,834,573.88. Following the transaction, the general counsel directly owned 609,411 shares in the company, valued at approximately $15,832,497.78. The trade was a 15.18% 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. Over the last quarter, insiders sold 1,332,269 shares of company stock valued at $34,624,827. Corporate insiders own 32.26% of the company’s stock.

Hedge Funds Weigh In On Figma

Several institutional investors and hedge funds have recently bought and sold shares of FIG. Bienville Capital Management LLC purchased a new stake in Figma during the second quarter valued at about $13,325,000. WINTON GROUP Ltd purchased a new stake in shares of Figma during the 2nd quarter valued at approximately $340,000. Engineers Gate Manager LP lifted its stake in shares of Figma by 1,806.3% during the 2nd quarter. Engineers Gate Manager LP now owns 316,215 shares of the company’s stock valued at $5,720,000 after buying an additional 299,627 shares in the last quarter. RFG Advisory LLC boosted its holdings in Figma by 23.3% in the 2nd quarter. RFG Advisory LLC now owns 18,622 shares of the company’s stock worth $337,000 after buying an additional 3,522 shares during the period. Finally, IFP Advisors Inc grew its stake in Figma by 176.1% in the 2nd quarter. IFP Advisors Inc now owns 4,327 shares of the company’s stock valued at $78,000 after buying an additional 2,760 shares in the last quarter.

Figma Company Profile

Figma, Inc develops collaborative software for designing, prototyping and building digital products. Its cloud-based platform enables product designers, developers, marketers and other stakeholders to work together in real time on user interfaces, prototypes and digital experiences.

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