Praveer Melwani Sells 83,974 Shares of Figma (NYSE:FIG) Stock

Figma, Inc. (NYSE:FIG) CFO Praveer Melwani sold 83,974 shares of the company’s stock in a transaction 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 sale, the chief financial officer owned 1,749,024 shares of the company’s stock, valued at approximately $39,825,276.48. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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.

Figma Stock Down 3.5%

Shares of FIG stock opened at $21.73 on Friday. Figma, Inc. has a twelve month low of $16.60 and a twelve month high of $142.92. The company has a market cap of $9.68 billion and a P/E ratio of -6.33. The business has a fifty day simple moving average of $20.69 and a 200 day simple moving average of $27.55.

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

Hedge Funds Weigh In On Figma

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC raised its position in shares of Figma by 3,890.0% during the first quarter. Parallel Advisors LLC now owns 1,197 shares of the company’s stock worth $25,000 after acquiring an additional 1,167 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Figma during the third quarter worth about $26,000. DV Equities LLC bought a new position in shares of Figma during the fourth quarter worth about $26,000. Concord Wealth Partners raised its position in shares of Figma by 1,446.8% during the fourth quarter. Concord Wealth Partners now owns 727 shares of the company’s stock worth $27,000 after acquiring an additional 680 shares during the last quarter. Finally, Harbour Investments Inc. grew its stake in Figma by 1,568.2% during the fourth quarter. Harbour Investments Inc. now owns 734 shares of the company’s stock worth $27,000 after purchasing an additional 690 shares during the period.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on Figma from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Friday, May 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $30.00 target price (down from $35.00) on shares of Figma in a report on Friday, May 15th. Morgan Stanley lowered their target price on Figma from $44.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday, May 15th. Royal Bank Of Canada lowered their target price on Figma from $31.00 to $28.00 and set a “sector perform” rating for the company in a report on Friday, May 15th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Figma in a report on Tuesday, May 19th. Four research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Figma currently has an average rating of “Hold” and an average price target of $38.63.

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.