Figma (NYSE:FIG) Sets New 12-Month Low - What's Next?

Key Points

• Figma, Inc. (NYSE:FIG) reached a new 52-week low, trading as low as $67.00 before closing at $74.14, with high trading volume of 8.5 million shares.
• Analysts have set a target price of $85.00 for Figma, with an average rating of "Buy" from market analysts despite the recent drop in stock price.
• Significant insider activity was recorded, with major shareholders selling over 19 million shares in recent transactions, indicating a substantial decrease in their ownership positions.

Figma, Inc. (NYSE:FIG - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $67.00 and last traded at $74.14, with a volume of 8548611 shares trading hands. The stock had previously closed at $69.41.

Analyst Ratings Changes

Several brokerages have commented on FIG. Piper Sandler began coverage on shares of Figma in a research report on Wednesday. They set an "overweight" rating and a $85.00 price objective for the company. Wall Street Zen raised shares of Figma to a "hold" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $85.00.

Figma Stock Performance

The company has a market cap of $37.71 billion and a P/E ratio of 104.53.

Insider Buying and Selling

In other Figma news, Director Mamoon Amjad Hamid sold 2,756,020 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $31.52, for a total value of $86,869,750.40. Following the completion of the transaction, the director directly owned 1,559,622 shares of the company's stock, valued at $49,159,285.44. This trade represents a 63.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Perkins Caufield & Bye Kleiner sold 2,668,654 shares of Figma stock in a transaction on Friday, August 1st. The stock was sold at an average price of $31.52, for a total transaction of $84,115,974.08. Following the sale, the insider directly owned 47,639,812 shares of the company's stock, valued at $1,501,606,874.24. This represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 312,500 shares of company stock worth $10,312,500 and sold 19,617,451 shares worth $618,294,215. Corporate insiders own 45.20% of the company's stock.

Figma Company Profile

Figma is where teams come together to turn ideas into the world's best digital products and experiences. Every day, billions of people around the world use apps, websites, and other digital experiences that are made in Figma. They're looking up directions on Google Maps; requesting rides with Uber; checking in for flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with Airbnb.