Figma (NYSE:FIG) Given New $35.00 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on Figma from $36 to $35 but kept a buy rating, implying about 65% upside from the prior close.
• Analysts remain mixed overall: Figma’s consensus rating is Hold with a consensus target price of $32.56, even as several firms recently adjusted their targets and recommendations.
• The stock rose 5.8% to $21.17, while the company also reported strong quarterly revenue growth of 46.1% year over year and earnings that beat estimates, though insiders recently sold shares.

Figma (NYSE:FIG - Get Free Report) had its target price reduced by stock analysts at Citigroup from $36.00 to $35.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 65.34% from the company's previous close.

A number of other equities research analysts have also recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Figma from $44.00 to $38.00 and set an "equal weight" rating for the company in a research report on Friday, May 15th. Bank of America started coverage on Figma in a research report on Tuesday, July 7th. They set a "buy" rating and a $30.00 price target on the stock. Royal Bank Of Canada reduced their price objective on Figma from $28.00 to $22.00 and set a "sector perform" rating for the company in a research note on Thursday, June 25th. Piper Sandler restated an "overweight" rating and set a $30.00 target price on shares of Figma in a research report on Thursday, June 25th. Finally, JPMorgan Chase & Co. cut their target price on shares of Figma from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Friday, May 15th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Figma currently has a consensus rating of "Hold" and a consensus target price of $32.56.

Figma Stock Up 5.8%

Shares of FIG stock traded up $1.17 during trading hours on Friday, hitting $21.17. 10,835,346 shares of the company's stock were exchanged, compared to its average volume of 17,593,258. Figma has a fifty-two week low of $16.60 and a fifty-two week high of $142.92. The firm has a market cap of $9.43 billion and a P/E ratio of -6.18. The firm has a 50 day moving average of $21.38 and a two-hundred day moving average of $23.50.

Figma (NYSE:FIG - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.10 EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.27. The company had revenue of $333.44 million during the quarter. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. The company's revenue for the quarter was up 46.1% on a year-over-year basis. On average, equities analysts forecast that Figma will post -0.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Shaunt Voskanian sold 8,629 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.62, for a total value of $177,929.98. Following the completion of the transaction, the executive owned 1,764,672 shares of the company's stock, valued at approximately $36,387,536.64. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Praveer Melwani sold 30,460 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.48, for a total transaction of $623,820.80. Following the completion of the transaction, the chief financial officer directly owned 1,711,526 shares of the company's stock, valued at $35,052,052.48. This represents a 1.75% 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. In the last quarter, insiders have sold 733,309 shares of company stock valued at $17,824,756. Company insiders own 32.26% of the company's stock.

Hedge Funds Weigh In On Figma

Several large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new position in Figma during the 3rd quarter valued at about $26,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Figma in the 3rd quarter valued at $27,000. Sunbelt Securities Inc. acquired a new stake in shares of Figma in the 3rd quarter valued at approximately $30,000. US Bancorp DE acquired a new position in shares of Figma in the 3rd quarter valued at $31,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Figma in the third quarter worth about $33,000.

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.

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