Figma (NYSE:FIG) Shares Down 5.4% - Here's What Happened

Key Points

• Figma Inc. shares fell by 5.4% to $73.11 amid a significant drop in trading volume, down 83% from its average.
• Multiple analysts initiated coverage, with price targets ranging from $48.00 to $80.00, leading to a consensus price target of $74.29.
• Insider trading showed major shareholders selling significant shares, with total sales exceeding $620 million over the past three months.

Shares of Figma, Inc. (NYSE:FIG - Get Free Report) dropped 5.4% on Monday . The company traded as low as $71.50 and last traded at $73.11. Approximately 2,467,277 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 14,290,275 shares. The stock had previously closed at $77.30.

Analysts Set New Price Targets

FIG has been the topic of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on Figma in a research note on Monday. They issued a "neutral" rating and a $65.00 price target on the stock. Morgan Stanley initiated coverage on Figma in a research note on Monday. They issued an "equal weight" rating and a $80.00 price target on the stock. Royal Bank Of Canada initiated coverage on Figma in a research note on Monday. They issued a "sector perform" rating and a $75.00 price target on the stock. William Blair initiated coverage on Figma in a research note on Monday. They issued an "outperform" rating on the stock. Finally, The Goldman Sachs Group assumed coverage on shares of Figma in a research report on Monday. They issued a "neutral" rating and a $48.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $74.29.

Figma Stock Down 8.6%

The firm has a market capitalization of $34.45 billion and a P/E ratio of 95.50.

Insider Activity

In other Figma news, major shareholder Ventures Vi (Jersey) Lp Index sold 105,511 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $31.52, for a total transaction of $3,325,706.72. Following the completion of the sale, the insider directly owned 834,800 shares in the company, valued at $26,312,896. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Perkins Caufield & Bye Kleiner sold 87,366 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $31.52, for a total transaction of $2,753,776.32. Following the sale, the insider owned 1,559,622 shares of the company's stock, valued at $49,159,285.44. This trade represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 312,500 shares of company stock valued at $10,312,500 and sold 19,617,451 shares valued at $618,294,215.

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.

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