Citigroup Lowers Figma (NYSE:FIG) Price Target to $35.00

Figma (NYSE:FIG) had its price objective lowered by research analysts at Citigroup from $36.00 to $35.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 65.28% from the stock’s previous close.

A number of other research analysts have also recently issued reports on FIG. Wells Fargo & Company decreased their price objective on shares of Figma from $42.00 to $36.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Oppenheimer reiterated a “market perform” rating on shares of Figma in a report on Thursday, June 25th. BTIG Research started coverage on shares of Figma in a research report on Monday, April 13th. They set a “neutral” rating on the stock. Royal Bank Of Canada decreased their price target on shares of Figma from $28.00 to $22.00 and set a “sector perform” rating for the company in a report on Thursday, June 25th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Figma in a research report on Tuesday, May 19th. Five equities research 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’s stock. According to MarketBeat, Figma currently has an average rating of “Hold” and an average price target of $32.56.

Figma Trading Up 5.9%

Shares of FIG opened at $21.18 on Friday. Figma has a 1 year low of $16.60 and a 1 year high of $142.92. The stock has a market cap of $9.44 billion and a P/E ratio of -6.17. The stock’s 50-day moving average price is $21.35 and its two-hundred day moving average price is $23.49.

Figma (NYSE:FIG) last posted its earnings results on Thursday, May 14th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.27. The company had revenue of $333.44 million during the quarter. Figma had a negative return on equity of 98.51% and a negative net margin of 123.83%.The business’s quarterly revenue was up 46.1% on a year-over-year basis. As a group, equities analysts forecast that Figma will post -0.79 EPS for the current year.

Insider Buying and Selling at Figma

In other news, CAO Tyler Herb sold 1,850 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $26.40, for a total value of $48,840.00. Following the completion of the transaction, the chief accounting officer owned 263,435 shares in the company, valued at $6,954,684. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Kris Rasmussen sold 327,046 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $25.07, for a total transaction of $8,199,043.22. Following the sale, the chief technology officer directly owned 9,771,529 shares of the company’s stock, valued at $244,972,232.03. This represents a 3.24% decrease in their position. 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. Insiders sold 733,309 shares of company stock worth $17,824,756 in the last quarter. Company insiders own 32.26% of the company’s stock.

Hedge Funds Weigh In On Figma

A number of large investors have recently added to or reduced their stakes in FIG. SC US Ttgp LTD. raised its stake in shares of Figma by 5.8% in the 1st quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock valued at $565,034,000 after purchasing an additional 1,466,851 shares during the period. a16z Capital Management L.L.C. acquired a new position in shares of Figma during the third quarter worth about $842,687,000. JPMorgan Chase & Co. grew its holdings in shares of Figma by 119.4% during the fourth quarter. JPMorgan Chase & Co. now owns 6,643,939 shares of the company’s stock worth $248,284,000 after buying an additional 3,615,198 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Figma by 93.8% during the fourth quarter. Baillie Gifford & Co. now owns 5,763,613 shares of the company’s stock worth $215,386,000 after buying an additional 2,789,986 shares in the last quarter. Finally, Viking Global Investors LP acquired a new stake in Figma in the 4th quarter valued at approximately $214,967,000.

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.