Jennison Associates LLC Purchases Shares of 503,279 FIGS, Inc. $FIGS

Key Points

• Jennison Associates LLC bought a new stake of 503,279 shares of FIGS in Q4, valued at about $5.72 million and representing roughly 0.31% ownership.
• Insider selling has been significant: CEO Heather Hasson sold 556,327 shares for ~$9.37 million (a 30.77% reduction in her stake), and insiders sold 675,098 shares in the past three months totaling about $10.91 million, leaving insiders with 29.44% ownership.
• FIGS beat quarterly estimates (EPS $0.10 vs $0.02; revenue $201.9M vs $165.3M), the stock has a consensus Moderate Buy rating with an average target of $15.93, and a market cap of ~$2.56 billion (current price ~ $15.38).

Jennison Associates LLC purchased a new stake in FIGS, Inc. (NYSE:FIGS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 503,279 shares of the company's stock, valued at approximately $5,717,000. Jennison Associates LLC owned about 0.31% of FIGS at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FIGS. Assetmark Inc. acquired a new stake in FIGS in the third quarter valued at $35,000. Elevated Capital Advisors LLC acquired a new stake in FIGS in the fourth quarter valued at $45,000. Quarry LP lifted its stake in FIGS by 1,876.3% in the third quarter. Quarry LP now owns 7,846 shares of the company's stock valued at $52,000 after acquiring an additional 7,449 shares during the last quarter. Hudson Bay Capital Management LP acquired a new stake in FIGS in the second quarter valued at $61,000. Finally, Walleye Capital LLC acquired a new stake in shares of FIGS during the 2nd quarter worth about $65,000. Institutional investors and hedge funds own 92.21% of the company's stock.

Insider Buying and Selling

In related news, insider Heather L. Hasson sold 556,327 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $16.85, for a total transaction of $9,374,109.95. Following the transaction, the insider directly owned 1,251,967 shares of the company's stock, valued at approximately $21,095,643.95. This trade represents a 30.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sarah Oughtred sold 22,690 shares of the firm's stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $10.56, for a total transaction of $239,606.40. Following the transaction, the chief financial officer directly owned 821,500 shares in the company, valued at approximately $8,675,040. This represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 675,098 shares of company stock valued at $10,912,375. 29.44% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on FIGS. BTIG Research restated a "buy" rating and set a $20.00 target price on shares of FIGS in a research note on Friday, April 24th. KeyCorp raised their target price on shares of FIGS to $19.00 and gave the stock an "overweight" rating in a research note on Tuesday. Weiss Ratings upgraded shares of FIGS from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday. Wall Street Zen upgraded shares of FIGS from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 28th. Finally, Telsey Advisory Group raised their target price on shares of FIGS to $17.00 and gave the stock a "market perform" rating in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.93.

FIGS Stock Performance

NYSE:FIGS opened at $15.38 on Friday. FIGS, Inc. has a 52 week low of $4.05 and a 52 week high of $17.48. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 80.93 and a beta of 1.12. The firm's 50-day simple moving average is $14.85 and its 200 day simple moving average is $11.92.

FIGS (NYSE:FIGS - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.08. FIGS had a net margin of 5.43% and a return on equity of 8.41%. The business had revenue of $201.90 million for the quarter, compared to analyst estimates of $165.33 million. During the same period last year, the firm earned $0.01 earnings per share. FIGS's revenue for the quarter was up 33.0% compared to the same quarter last year. Sell-side analysts anticipate that FIGS, Inc. will post 0.24 EPS for the current year.

FIGS Profile

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.

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