Telsey Advisory Group Begins Coverage on Figma (NYSE:FIG)

Stock analysts at Telsey Advisory Group initiated coverage on shares of Figma (NYSE:FIG) in a research note issued to investors on Monday, Zacks reports. The brokerage set a “hold” rating on the stock.

Several other research firms also recently commented on FIG. Morgan Stanley set a $33.00 price objective on shares of Figma in a research note on Thursday, August 6th. Rothschild & Co Redburn began coverage on shares of Figma in a report on Monday. They set a “neutral” rating and a $23.00 price objective on the stock. Stifel Nicolaus cut their target price on Figma from $25.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday, October 14th. Bank of America raised their target price on Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Finally, Wells Fargo & Company reduced their target price on Figma from $34.00 to $30.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $30.50.

Figma Stock Down 5.4%

Shares of Figma stock opened at $21.00 on Monday. The company has a 50 day moving average price of $23.13 and a 200 day moving average price of $23.11. Figma has a 52 week low of $16.60 and a 52 week high of $48.69.

Figma (NYSE:FIG) last released its 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 net margin of 123.15% and a negative return on equity of 100.03%. The company had revenue of $370.08 million for the quarter. During the same period in the prior year, the firm posted $0.09 EPS. The firm’s revenue for the quarter was up 48.2% on a year-over-year basis. On average, equities analysts predict that Figma will post -0.75 EPS for the current year.

Insider Buying and Selling

In other Figma news, major shareholder Ventures Vi (Jersey) Lp Index sold 12,475 shares of Figma stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $25.39, for a total transaction of $316,740.25. Following the completion of the sale, the insider directly owned 786,700 shares in the company, valued at approximately $19,974,313. The trade was a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Brendan Mulligan sold 211,599 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $29.79, for a total transaction of $6,303,534.21. Following the completion of the sale, the general counsel directly owned 727,952 shares in the company, valued at $21,685,690.08. This trade represents a 22.52% 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. Insiders have sold 393,296 shares of company stock worth $10,858,069 in the last quarter. 32.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Greylock XIV GP LLC purchased a new position in shares of Figma during the 2nd quarter valued at approximately $1,056,824,403. Bank of America Corp DE lifted its stake in shares of Figma by 428.1% in the 1st quarter. Bank of America Corp DE now owns 4,180,575 shares of the company’s stock valued at $88,377,000 after purchasing an additional 3,388,902 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Figma by 26,445.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 3,072,370 shares of the company’s stock valued at $64,581,000 after purchasing an additional 3,060,796 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Figma during the first quarter worth $36,600,000. Finally, SC US Ttgp LTD. boosted its holdings in Figma by 5.8% during the first quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock worth $565,034,000 after buying an additional 1,466,851 shares in the last quarter.

About Figma

Figma, Inc (NYSE: FIG) develops collaborative software for designing digital products and user experiences. Its browser-based platform enables teams to create, prototype, review and manage designs in real time, supporting collaboration among designers, developers, product managers and other stakeholders.

The company’s product portfolio includes Figma Design, a collaborative interface-design and prototyping tool; FigJam, an online whiteboard for brainstorming and planning; and Dev Mode, which helps developers inspect designs and translate them into software.