Bank of America Reiterates Buy Rating for Figma (NYSE:FIG)

Figma (NYSE:FIG)‘s stock had its “buy” rating restated by investment analysts at Bank of America in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $30.00 price objective on the stock. Bank of America‘s target price would suggest a potential upside of 42.35% from the stock’s previous close.

A number of other research firms have also recently commented on FIG. JPMorgan Chase & Co. cut their target price on Figma from $45.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. Royal Bank Of Canada dropped their price objective on Figma from $28.00 to $22.00 and set a “sector perform” rating for the company in a report on Thursday, June 25th. Stifel Nicolaus set a $25.00 price objective on Figma in a research report on Friday, May 15th. Morgan Stanley reduced their target price on Figma from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, May 15th. Finally, Piper Sandler reiterated an “overweight” rating and set a $30.00 target price on shares of Figma in a research 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $32.67.

Figma Stock Down 1.2%

FIG stock opened at $21.07 on Tuesday. Figma has a 12 month low of $16.60 and a 12 month high of $142.92. The company has a 50-day moving average price of $20.42 and a 200 day moving average price of $24.92.

Figma (NYSE:FIG) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.27. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. The company had revenue of $333.44 million for the quarter. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. As a group, research analysts forecast that Figma will post -0.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Figma

In related news, CFO Praveer Melwani sold 83,974 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $22.77, for a total value of $1,912,087.98. Following the transaction, the chief financial officer owned 1,749,024 shares of the company’s stock, valued at $39,825,276.48. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Brendan Mulligan sold 18,741 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $25.04, for a total value of $469,274.64. Following the transaction, the general counsel owned 987,986 shares in the company, valued at $24,739,169.44. The trade was a 1.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 694,220 shares of company stock valued at $17,023,005.

Hedge Funds Weigh In On Figma

Hedge funds and other institutional investors have recently made changes to their positions in the company. Gladstone Capital Management LLP increased its stake in shares of Figma by 2.9% during the fourth quarter. Gladstone Capital Management LLP now owns 17,081 shares of the company’s stock valued at $638,000 after buying an additional 481 shares during the period. NewEdge Advisors LLC purchased a new stake in Figma in the third quarter worth about $26,000. Wilmington Savings Fund Society FSB purchased a new stake in Figma in the third quarter worth about $27,000. Charles Schwab Investment Management Inc. grew its holdings in Figma by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 15,212 shares of the company’s stock worth $568,000 after acquiring an additional 559 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in Figma during the 3rd quarter worth about $30,000.

Figma Company Profile

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.