Jennison Associates LLC Acquires 897,935 Shares of FIGS, Inc. $FIGS

Key Points

• Jennison Associates LLC increased its FIGS stake by 178.4% in the first quarter, buying 897,935 additional shares and bringing its total holdings to 1,401,214 shares worth about $20.7 million.
• Several other institutional investors also boosted positions in FIGS, and institutions now own 92.21% of the company’s stock, signaling heavy professional ownership.
• FIGS posted better-than-expected quarterly results, with EPS of $0.03 versus the $0.01 estimate and revenue up 28% year over year to $159.9 million, though the stock was down 0.9% at $10.22.

Jennison Associates LLC lifted its holdings in FIGS, Inc. (NYSE:FIGS - Free Report) by 178.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,401,214 shares of the company's stock after acquiring an additional 897,935 shares during the period. Jennison Associates LLC owned approximately 0.84% of FIGS worth $20,696,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Marshall Wace LLP raised its stake in FIGS by 66.2% during the fourth quarter. Marshall Wace LLP now owns 4,297,868 shares of the company's stock worth $48,824,000 after acquiring an additional 1,712,610 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of FIGS by 2,139.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,307,468 shares of the company's stock valued at $7,374,000 after purchasing an additional 1,249,091 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in FIGS by 9.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 13,936,468 shares of the company's stock valued at $78,602,000 after purchasing an additional 1,144,962 shares during the last quarter. Squarepoint Ops LLC boosted its position in FIGS by 940.7% in the second quarter. Squarepoint Ops LLC now owns 924,092 shares of the company's stock valued at $5,212,000 after buying an additional 835,300 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in shares of FIGS during the first quarter worth $3,199,000. Institutional investors and hedge funds own 92.21% of the company's stock.

Wall Street Analysts Forecast Growth

FIGS has been the topic of several recent research reports. Morgan Stanley raised their price objective on FIGS from $8.00 to $15.00 and gave the company an "equal weight" rating in a report on Monday, April 13th. KeyCorp reissued an "overweight" rating on shares of FIGS in a research note on Tuesday, June 23rd. Weiss Ratings downgraded FIGS from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. Zacks Research lowered shares of FIGS from a "strong-buy" rating to a "hold" rating in a report on Friday, May 8th. Finally, BTIG Research reiterated a "buy" rating and set a $20.00 target price on shares of FIGS in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, FIGS presently has a consensus rating of "Moderate Buy" and an average price target of $15.93.

FIGS Stock Down 0.9%

Shares of NYSE:FIGS opened at $10.22 on Tuesday. The firm has a market cap of $1.71 billion, a P/E ratio of 46.44 and a beta of 1.01. FIGS, Inc. has a 12-month low of $5.97 and a 12-month high of $17.48. The business has a fifty day simple moving average of $11.33 and a 200 day simple moving average of $12.62.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. FIGS had a return on equity of 9.69% and a net margin of 6.10%.The firm had revenue of $159.90 million for the quarter, compared to analyst estimates of $153.15 million. The company's revenue for the quarter was up 28.0% compared to the same quarter last year. As a group, equities research analysts expect that FIGS, Inc. will post 0.26 EPS for the current year.

Insider Activity at FIGS

In other news, CFO Sarah Oughtred sold 23,597 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $14.33, for a total value of $338,145.01. Following the transaction, the chief financial officer owned 1,129,791 shares in the company, valued at approximately $16,189,905.03. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Heather L. Hasson sold 32,385 shares of the company's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $14.33, for a total transaction of $464,077.05. Following the completion of the sale, the chairman directly owned 1,433,807 shares in the company, valued at approximately $20,546,454.31. This represents a 2.21% 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. Corporate insiders own 27.06% of the company's stock.

About FIGS

FIGS, Inc operates as a direct-to-consumer designer and retailer of medical apparel and accessories. The company offers a range of products tailored to the needs of healthcare professionals, including scrub sets, lab coats, tops, bottoms, outerwear, footwear, and performance fabrics designed for comfort, durability, and antimicrobial protection. Through its e-commerce platform and a growing network of retail stores, FIGS provides customizable uniforms and accessories with a focus on innovative materials and functional design features such as four-way stretch fabrics, moisture-wicking technology, and multiple secure pockets.

Founded in 2013 by Heather Hasson and Trina Spear, FIGS set out to disrupt the traditional medical uniform market by emphasizing both form and function.

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.