Figma (NYSE:FIG) Trading Up 4.2% - Should You Buy?

Key Points

• Figma's stock experienced a rise of 4.2%, trading as high as $76.51, while the average trading volume saw a significant drop of 89% compared to its usual levels.
• Analysts are optimistic about Figma, with Piper Sandler issuing an "overweight" rating and a target price of $85.00, contributing to an average rating of "Buy" from analysts.
• Recent insider transactions revealed a significant sell-off by Director Daniel H. Rimer, who sold over 3 million shares, reducing their position by 79.78%.

Figma, Inc. (NYSE:FIG - Get Free Report) shares were up 4.2% on Friday . The stock traded as high as $76.51 and last traded at $75.85. Approximately 1,670,808 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 14,868,242 shares. The stock had previously closed at $72.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FIG shares. Piper Sandler started coverage on shares of Figma in a research report on Wednesday. They issued an "overweight" rating and a $85.00 target price for the company. Wall Street Zen raised shares of Figma to a "hold" rating in a research report on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Figma currently has an average rating of "Buy" and a consensus price target of $85.00.

Figma Stock Performance

The stock has a market cap of $37.71 billion and a price-to-earnings ratio of 104.53.

Insider Transactions at Figma

In other Figma news, Director Daniel H. Rimer sold 3,293,276 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $31.52, for a total value of $103,804,059.52. Following the completion of the transaction, the director owned 834,800 shares in the company, valued at approximately $26,312,896. This represents a 79.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Ventures Vi (Jersey) Lp Index sold 3,187,765 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $31.52, for a total transaction of $100,478,352.80. Following the completion of the transaction, the insider owned 55,810,810 shares of the company's stock, valued at approximately $1,759,156,731.20. This trade represents a 5.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 312,500 shares of company stock worth $10,312,500 and have sold 19,617,451 shares worth $618,294,215. Company insiders own 45.20% of the company's stock.

About Figma

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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