Figma (NYSE:FIG) Earns Sector Weight Rating from Analysts at KeyCorp

by · The Cerbat Gem

KeyCorp assumed coverage on shares of Figma (NYSE:FIG – Free Report) in a research report report published on Monday morning, MarketBeat.com reports. The brokerage issued a sector weight rating on the stock.

FIG has been the topic of a number of other research reports. Weiss Ratings upgraded shares of Figma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. Piper Sandler reaffirmed an “overweight” rating and set a $30.00 target price on shares of Figma in a report on Thursday, June 25th. Bank of America upped their price objective on shares of Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Wells Fargo & Company reduced their price target on Figma from $42.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Figma in a research report on Thursday, June 25th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Figma presently has a consensus rating of “Hold” and a consensus target price of $32.56.

View Our Latest Stock Analysis on FIG

Figma Stock Performance

FIG stock opened at $23.00 on Monday. The firm has a 50-day simple moving average of $24.64 and a two-hundred day simple moving average of $22.72. Figma has a one year low of $16.60 and a one year high of $71.48. The firm has a market cap of $10.47 billion and a price-to-earnings ratio of -6.32.

Figma (NYSE:FIG – Get Free Report) last issued its quarterly 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 business had revenue of $370.08 million for the quarter. During the same period in the previous year, the company posted $0.09 earnings per share. The business’s revenue for the quarter was up 48.2% on a year-over-year basis. As a group, equities analysts predict that Figma will post -0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Kris Rasmussen sold 261,301 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $25.07, for a total value of $6,550,816.07. Following the transaction, the chief technology officer directly owned 9,492,946 shares in the company, valued at approximately $237,988,156.22. This represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Praveer Melwani sold 381,288 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $25.13, for a total value of $9,581,767.44. Following the transaction, the chief financial officer directly owned 1,725,716 shares in the company, valued at approximately $43,367,243.08. The trade was a 18.10% 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. In the last quarter, insiders have sold 1,332,269 shares of company stock valued at $34,624,827. 32.26% of the stock is owned by company insiders.

Institutional Trading of Figma

Institutional investors have recently modified their holdings of the stock. Greylock XIV GP LLC acquired a new stake in shares of Figma during the second quarter worth $1,056,824,403. SC US Ttgp LTD. raised its position in Figma by 5.8% during the 1st 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 during the last quarter. Cosmic Management LLC acquired a new stake in shares of Figma in the 4th quarter worth $151,535,000. 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 worth $88,377,000 after acquiring an additional 3,388,902 shares during the period. Finally, Index Venture Growth Associates V Ltd purchased a new stake in shares of Figma in the fourth quarter valued at about $87,780,000.

About Figma

(Get Free Report)

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.

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