Figma, Inc. $FIG Stock Position Raised by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP significantly increased its Figma stake by 1,806.3% in the second quarter, acquiring 299,627 additional shares and ending with 316,215 shares worth approximately $5.72 million.
• Figma reported $370.08 million in quarterly revenue, up 48.2% year over year, and adjusted earnings of $0.08 per share, exceeding analysts’ expected loss of $0.22 per share. However, the company remained unprofitable with a negative net margin of 123.15%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $32.56. Insiders sold 1.33 million shares worth $34.6 million over the last quarter, while the stock opened at $23.23.

Engineers Gate Manager LP increased its holdings in shares of Figma, Inc. (NYSE:FIG - Free Report) by 1,806.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 316,215 shares of the company's stock after acquiring an additional 299,627 shares during the quarter. Engineers Gate Manager LP owned approximately 0.07% of Figma worth $5,720,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Amova Asset Management Americas Inc. lifted its position in Figma by 641.4% in the 1st quarter. Amova Asset Management Americas Inc. now owns 1,467,887 shares of the company's stock valued at $31,031,000 after purchasing an additional 1,269,900 shares during the last quarter. Ieq Capital LLC grew its position in Figma by 1,670.9% in the 4th quarter. Ieq Capital LLC now owns 973,880 shares of the company's stock worth $36,394,000 after purchasing an additional 918,886 shares during the last quarter. Greylock XIV GP LLC bought a new position in Figma in the 2nd quarter worth about $1,056,824,403. Rokos Capital Management LLP acquired a new stake in shares of Figma in the first quarter valued at approximately $4,414,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of Figma in the first quarter valued at approximately $3,429,000.

Insiders Place Their Bets

In other news, major shareholder Ventures Vi (Jersey) Lp Index sold 12,475 shares of Figma stock in a transaction on Monday, August 10th. The stock was sold at an average price of $25.39, for a total transaction of $316,740.25. Following the transaction, the insider owned 786,700 shares in the company, valued at approximately $19,974,313. The trade was a 1.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel Rimer sold 12,475 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $25.39, for a total value of $316,740.25. Following the transaction, the director directly owned 786,700 shares in the company, valued at $19,974,313. The trade was a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,332,269 shares of company stock valued at $34,624,827 over the last quarter. 32.26% of the stock is owned by insiders.

Analyst Ratings Changes

FIG has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on Figma from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, May 15th. Wells Fargo & Company cut their target price on Figma from $42.00 to $36.00 and set an "overweight" rating on the stock in a research note on Friday, June 26th. Oppenheimer reiterated a "market perform" rating on shares of Figma in a research report on Thursday, June 25th. Citigroup boosted their price target on Figma from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Finally, Morgan Stanley set a $33.00 price target on Figma in a research note on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $32.56.

Figma Trading Up 4.9%

Shares of FIG opened at $23.23 on Friday. Figma, Inc. has a 1-year low of $16.60 and a 1-year high of $71.48. The stock has a market capitalization of $10.57 billion and a P/E ratio of -6.38. The business's 50-day moving average price is $24.53 and its 200 day moving average price is $22.86.

Figma (NYSE:FIG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.30. Figma had a negative net margin of 123.15% and a negative return on equity of 100.03%. The company had revenue of $370.08 million during the quarter. During the same quarter in the previous year, the business earned $0.09 earnings per share. The business's quarterly revenue was up 48.2% compared to the same quarter last year. On average, research analysts predict that Figma, Inc. will post -0.75 earnings per share for the current year.

About Figma

Figma, Inc develops collaborative software for designing, prototyping and building digital products. Its cloud-based platform enables product designers, developers, marketers and other stakeholders to work together in real time on user interfaces, prototypes and digital experiences.

The company's product portfolio includes Figma Design for interface design and prototyping, FigJam for online whiteboarding and brainstorming, and Dev Mode, which helps developers inspect designs and translate them into code.

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