ICONIQ Capital LLC Cuts Stock Holdings in Figma, Inc. $FIG

Key Points

• ICONIQ Capital cut its Figma position by 99.7% in the second quarter, selling 5.79 million shares and retaining 15,151 shares valued at approximately $274,000.
• Figma reported stronger-than-expected quarterly results, with $0.08 EPS versus the consensus estimate of a $0.22 loss and revenue of $370.08 million, up 48.2% year over year. However, the company continues to post a negative net margin and return on equity.
• Figma shares opened at $28.88, while analysts maintained an overall “Hold” rating with an average price target of $32.56. Insiders have sold approximately 1.18 million shares worth $29.3 million over the past 90 days.

ICONIQ Capital LLC cut its position in shares of Figma, Inc. (NYSE:FIG - Free Report) by 99.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,151 shares of the company's stock after selling 5,793,569 shares during the period. ICONIQ Capital LLC's holdings in Figma were worth $274,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new stake in shares of Figma during the 3rd quarter valued at about $26,000. Wilmington Savings Fund Society FSB acquired a new position in Figma in the 3rd quarter worth about $27,000. Sunbelt Securities Inc. acquired a new position in Figma in the 3rd quarter worth about $30,000. US Bancorp DE purchased a new position in Figma during the third quarter worth approximately $31,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Figma in the third quarter valued at approximately $33,000.

Figma Stock Performance

NYSE FIG opened at $28.88 on Monday. The stock's fifty day moving average is $23.47 and its two-hundred day moving average is $22.80. The firm has a market capitalization of $13.14 billion and a P/E ratio of -7.93. Figma, Inc. has a fifty-two week low of $16.60 and a fifty-two week high of $71.48.

Figma (NYSE:FIG - Get Free Report) last posted its quarterly 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. The business had revenue of $370.08 million for the quarter. Figma had a negative return on equity of 100.03% and a negative net margin of 123.15%.The firm's revenue was up 48.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 EPS. As a group, sell-side analysts forecast that Figma, Inc. will post -0.75 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Ventures Vi (Jersey) Lp Index sold 12,475 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $25.39, for a total value of $316,740.25. Following the transaction, the insider directly owned 786,700 shares in the company, valued at approximately $19,974,313. This represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Shaunt Voskanian sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $27.91, for a total value of $837,300.00. Following the completion of the transaction, the executive owned 1,698,620 shares of the company's stock, valued at $47,408,484.20. The trade was a 1.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,179,632 shares of company stock worth $29,315,186. 32.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley set a $33.00 target price on Figma in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Figma from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday. Oppenheimer reaffirmed a "market perform" rating on shares of Figma in a report on Thursday, June 25th. Bank of America upped their price target on shares of Figma from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Figma in a research note on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Figma currently has an average rating of "Hold" and an average target price of $32.56.

Figma Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source