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

Figma (NYSE:FIG) had its price objective trimmed by Citigroup from $36.00 to $35.00 in a research note released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently weighed in on FIG. Wells Fargo & Company dropped their price objective on shares of Figma from $42.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Morgan Stanley decreased their price objective on Figma from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, May 15th. Oppenheimer reissued a “market perform” rating on shares of Figma in a research note on Thursday, June 25th. JPMorgan Chase & Co. dropped their target price on Figma from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Finally, Stifel Nicolaus set a $25.00 price target on Figma in a research note on Friday, May 15th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $32.56.

Figma Trading Up 0.3%

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 capitalization of $9.44 billion and a PE ratio of -6.17. The firm has a 50-day moving average price of $21.35 and a two-hundred day moving average price of $23.39.

Figma (NYSE:FIG) last announced its earnings results on Thursday, May 14th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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% compared to the same quarter last year. On average, research analysts predict that Figma will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Figma news, General Counsel Brendan Mulligan sold 18,741 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $25.04, for a total value of $469,274.64. Following the transaction, the general counsel directly owned 987,986 shares of the company’s stock, valued at approximately $24,739,169.44. This trade represents a 1.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Shaunt Voskanian sold 87,510 shares of Figma stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $23.01, for a total transaction of $2,013,605.10. Following the sale, the executive directly owned 1,781,380 shares of the company’s stock, valued at $40,989,553.80. This represents a 4.68% 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 a total of 733,309 shares of company stock valued at $17,824,756 over the last three months. 32.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Figma

A number of institutional investors have recently made changes to their positions in FIG. Gladstone Capital Management LLP lifted its stake in Figma by 2.9% in 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 bought a new stake in shares of Figma in the 3rd quarter valued at about $26,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Figma in the 3rd quarter valued at approximately $27,000. Charles Schwab Investment Management Inc. grew its holdings in Figma by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 15,212 shares of the company’s stock valued at $568,000 after purchasing an additional 559 shares during the period. Finally, Sunbelt Securities Inc. acquired a new position in Figma during the third quarter valued at approximately $30,000.

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.