Principal Financial Group Inc. Buys New Position in Figure Technology Solutions, Inc. $FIGR

Key Points

• Principal Financial Group acquired 239,324 FIGR shares worth approximately $8.1 million, while several other institutional investors also recently initiated positions.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $50.25, despite recent target reductions and one downgrade to “Sell.”
• FIGR traded at $27.59 with a market capitalization of about $5.04 billion; the company slightly exceeded quarterly earnings expectations, reporting $0.18 EPS versus the $0.17 consensus, while insiders sold roughly $11.9 million in shares over the past quarter.

Principal Financial Group Inc. bought a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 239,324 shares of the company's stock, valued at approximately $8,125,000. Principal Financial Group Inc. owned 0.13% of Figure Technology Solutions as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FIGR. Victory Capital Management Inc. acquired a new stake in Figure Technology Solutions in the 3rd quarter valued at about $9,221,000. Franklin Resources Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $5,456,000. BNP Paribas Financial Markets bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $102,000. UBS Group AG acquired a new stake in Figure Technology Solutions during the third quarter valued at approximately $7,620,000. Finally, Invesco Ltd. bought a new stake in Figure Technology Solutions during the third quarter worth approximately $25,451,000.

Analyst Ratings Changes

FIGR has been the subject of a number of recent research reports. Bank of America cut their price objective on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Zacks Research upgraded Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Needham & Company LLC reissued a "buy" rating and issued a $55.00 price target on shares of Figure Technology Solutions in a research note on Wednesday, July 8th. Wall Street Zen downgraded Figure Technology Solutions from a "hold" rating to a "sell" rating in a report on Sunday, July 12th. Finally, Piper Sandler reduced their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.25.

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, insider David Todd Stevens sold 47,064 shares of Figure Technology Solutions stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $42.35, for a total transaction of $1,993,160.40. Following the transaction, the insider owned 406,051 shares of the company's stock, valued at $17,196,259.85. The trade was a 10.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $30.06, for a total transaction of $274,057.02. Following the completion of the sale, the chief financial officer directly owned 507,651 shares of the company's stock, valued at $15,259,989.06. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 335,657 shares of company stock worth $11,878,284. Company insiders own 26.60% of the company's stock.

Figure Technology Solutions Price Performance

FIGR opened at $27.59 on Monday. The firm has a market capitalization of $5.04 billion and a P/E ratio of 47.57. The stock has a fifty day moving average of $30.98 and a 200-day moving average of $37.32. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million for the quarter. Equities analysts forecast that Figure Technology Solutions, Inc. will post 0.92 EPS for the current fiscal year.

Figure Technology Solutions Profile

Figure is building the future of capital markets using blockchain-based technology. Figure's proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.

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