Figma (NYSE:FIG) Price Target Raised to $33.00 at Bank of America

Key Points

• Bank of America raised Figma’s price target to $33 from $30 and maintained a “buy” rating, implying 23.62% upside from the stock’s $26.70 price.
• Analyst sentiment remains mixed: Figma has an average “hold” rating and a consensus price target of $32.56, with five buys, 10 holds and one sell.
• Figma reported stronger-than-expected quarterly results, including EPS of $0.08 versus the $0.22 loss analysts expected and revenue of $370.08 million, up 48.2% year over year; however, profitability remained weak with a negative 123.15% net margin.

Figma (NYSE:FIG - Get Free Report) had its price objective boosted by Bank of America from $30.00 to $33.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price objective suggests a potential upside of 23.62% from the stock's current price.

A number of other equities research analysts also recently weighed in on FIG. Citigroup raised their target price on Figma from $35.00 to $37.00 and gave the company a "buy" rating in a report on Friday, August 7th. JPMorgan Chase & Co. lowered their price target on Figma from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Friday, May 15th. Morgan Stanley set a $33.00 price objective on Figma in a research note on Thursday, August 6th. Oppenheimer reiterated a "market perform" rating on shares of Figma in a research report on Thursday, June 25th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Figma in a research note on Friday. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $32.56.

Figma Stock Up 2.6%

Shares of NYSE:FIG traded up $0.69 during midday trading on Wednesday, hitting $26.70. The stock had a trading volume of 7,671,385 shares, compared to its average volume of 18,216,973. The company's 50-day moving average price is $22.04 and its 200-day moving average price is $22.56. The company has a market capitalization of $12.15 billion and a P/E ratio of -7.36. Figma has a fifty-two week low of $16.60 and a fifty-two week high of $78.00.

Figma (NYSE:FIG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.30. The business had revenue of $370.08 million for the quarter. Figma had a negative net margin of 123.15% and a negative return on equity of 100.03%. The business's revenue was up 48.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 EPS. Research analysts expect that Figma will post -0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Figma news, CFO Praveer Melwani sold 40,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $26.63, for a total transaction of $1,065,200.00. Following the completion of the sale, the chief financial officer owned 1,674,544 shares of the company's stock, valued at approximately $44,593,106.72. This represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Shaunt Voskanian sold 30,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $27.91, for a total transaction of $837,300.00. Following the sale, the executive owned 1,698,620 shares of the company's stock, valued at approximately $47,408,484.20. This trade represents a 1.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,354,072 shares of company stock valued at $33,678,327 over the last three months. Insiders own 32.26% of the company's stock.

Institutional Trading of Figma

Large investors have recently modified their holdings of the stock. Greylock XIV GP LLC acquired a new position in shares of Figma during the 2nd quarter valued at $1,056,824,403,000. SC US Ttgp LTD. grew its holdings in Figma by 5.8% in the first quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company's stock worth $565,034,000 after purchasing an additional 1,466,851 shares during the period. a16z Capital Management L.L.C. bought a new stake in Figma in the third quarter valued at $842,687,000. JPMorgan Chase & Co. increased its stake in Figma by 119.4% in the fourth quarter. JPMorgan Chase & Co. now owns 6,643,939 shares of the company's stock valued at $248,284,000 after purchasing an additional 3,615,198 shares in the last quarter. Finally, Viking Global Investors LP acquired a new position in shares of Figma during the fourth quarter valued at about $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.

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