Figma, Inc. $FIG Stock Purchased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Figma stake by 1,960.9% in the third quarter, ending with 321,979 shares valued at approximately $6.8 million. Several other institutional investors also established or expanded positions.
• Figma reported quarterly revenue of $370.08 million, up 48.2% year over year, and posted EPS of $0.08 versus analysts’ expectations for a $0.22 loss. Despite the revenue growth, the company remains unprofitable, with a negative net margin of 123.15%.
• Figma shares opened at $21.66, well below the analyst consensus price target of $31.33. Analysts’ consensus rating is “Hold,” while insiders sold 673,227 shares worth $18.1 million over the past three months.

International Assets Investment Management LLC grew its position in shares of Figma, Inc. (NYSE:FIG - Free Report) by 1,960.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,979 shares of the company's stock after buying an additional 306,356 shares during the period. International Assets Investment Management LLC owned approximately 0.07% of Figma worth $6,768,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Greylock XIV GP LLC acquired a new stake in Figma in the 2nd quarter worth about $1,056,824,403. SC US Ttgp LTD. grew its position in shares of Figma by 5.8% during the 1st 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 in the last quarter. Bank of America Corp DE increased its holdings in Figma by 428.1% in the 1st quarter. Bank of America Corp DE now owns 4,180,575 shares of the company's stock valued at $88,377,000 after buying an additional 3,388,902 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Figma in the 1st quarter valued at about $36,600,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Figma by 613.9% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,467,887 shares of the company's stock valued at $31,031,000 after buying an additional 1,262,258 shares in the last quarter.

Insider Transactions at Figma

In other Figma news, Director Daniel Rimer sold 12,475 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $25.39, for a total transaction of $316,740.25. Following the sale, the director owned 786,700 shares of the company's stock, valued at approximately $19,974,313. The trade was a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lynn Vojvodich Radakovich sold 20,266 shares of the company's stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $22.63, for a total transaction of $458,619.58. Following the transaction, the director owned 84,809 shares of the company's stock, valued at $1,919,227.67. This trade represents a 19.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 673,227 shares of company stock valued at $18,134,548. Corporate insiders own 32.26% of the company's stock.

Figma Trading Up 0.0%

FIG opened at $21.66 on Monday. The company's 50 day moving average is $23.36 and its 200-day moving average is $23.23. Figma, Inc. has a 1-year low of $16.60 and a 1-year high of $50.30. The company has a market cap of $9.86 billion, a P/E ratio of -5.95 and a beta of 1.16.

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

Analyst Ratings Changes

FIG has been the subject of a number of recent analyst reports. KeyCorp began coverage on shares of Figma in a report on Monday, September 14th. They set a "sector weight" rating for the company. Wells Fargo & Company lowered their price objective on shares of Figma from $34.00 to $30.00 and set an "overweight" rating for the company in a research report on Monday, October 12th. Weiss Ratings upgraded Figma from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 6th. Bank of America upped their target price on Figma from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Wednesday, August 19th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Figma in a report on Monday, October 26th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $31.33.

Figma Company Profile

Figma, Inc NYSE: FIG develops collaborative software for designing digital products and user experiences. Its browser-based platform enables teams to create, prototype, review and manage designs in real time, supporting collaboration among designers, developers, product managers and other stakeholders.

The company's product portfolio includes Figma Design, a collaborative interface-design and prototyping tool; FigJam, an online whiteboard for brainstorming and planning; and Dev Mode, which helps developers inspect designs and translate them into software.

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