Figma (NYSE:FIG) Stock Price Expected to Rise, Bank of America Analyst Says

Figma (NYSE:FIG) had its price target boosted by equities researchers at Bank of America from $30.00 to $33.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 23.62% from the stock’s current price.

FIG has been the topic of several other research reports. Morgan Stanley set a $33.00 price objective on shares of Figma in a report on Thursday, August 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Figma in a report on Friday. Stifel Nicolaus set a $25.00 price target on shares of Figma in a research report on Friday, May 15th. Citigroup lifted their price target on Figma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Piper Sandler reissued an “overweight” rating and set a $30.00 price objective on shares of Figma in a report on Thursday, June 25th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $32.56.

Figma Stock Performance

Shares of NYSE FIG traded up $0.69 during midday trading on Wednesday, hitting $26.70. 7,671,385 shares of the stock traded hands, compared to its average volume of 18,216,973. Figma has a one year low of $16.60 and a one year high of $78.00. The business has a 50 day moving average price of $22.04 and a two-hundred day moving average price of $22.56. The company has a market cap of $12.15 billion and a PE ratio of -7.36.

Figma (NYSE:FIG) last issued its earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the business earned $0.09 earnings per share. Figma’s revenue for the quarter was up 48.2% on a year-over-year basis. As a group, equities research analysts forecast that Figma will post -0.75 EPS for the current fiscal year.

Insider Buying and Selling at Figma

In other Figma news, CFO Praveer Melwani sold 381,288 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $25.13, for a total value of $9,581,767.44. Following the completion of the sale, the chief financial officer directly owned 1,725,716 shares of the company’s stock, valued at approximately $43,367,243.08. This represents a 18.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Brendan Mulligan sold 18,213 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $25.00, for a total transaction of $455,325.00. Following the completion of the sale, the general counsel owned 951,571 shares of the company’s stock, valued at approximately $23,789,275. This trade represents a 1.88% 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. Insiders sold 1,354,072 shares of company stock valued at $33,678,327 in the last quarter. 32.26% of the stock is owned by company insiders.

Institutional Trading of Figma

A number of hedge funds have recently bought and sold shares of FIG. Vanguard Group Inc. bought a new position in Figma in the 3rd quarter valued at $2,282,000. US Bancorp DE bought a new stake in shares of Figma during the 3rd quarter worth $31,000. Blair William & Co. IL purchased a new position in shares of Figma in the 3rd quarter worth about $460,000. Banque Cantonale Vaudoise purchased a new position in shares of Figma in the 3rd quarter worth about $271,000. Finally, Franklin Resources Inc. bought a new position in Figma during the third quarter valued at about $9,084,000.

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.