Renaissance Technologies LLC Lowers Position in Figma, Inc. $FIG

Key Points

• Renaissance Technologies cut its Figma stake by 64.1% in the first quarter, selling 1.13 million shares and retaining 634,500 shares valued at approximately $13.4 million.
• Figma reported strong quarterly growth, with revenue rising 46.1% year over year to $333.4 million and adjusted earnings of $0.10 per share, beating analyst expectations. However, the company remains unprofitable, with a negative net margin of 123.83%.
• Insiders sold approximately $34.4 million of Figma stock over the past 90 days, while analysts maintain a consensus “Hold” rating with an average price target of $32.56 versus the stock’s reported $24.36 opening price.

Renaissance Technologies LLC cut its stake in shares of Figma, Inc. (NYSE:FIG - Free Report) by 64.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 634,500 shares of the company's stock after selling 1,133,700 shares during the period. Renaissance Technologies LLC owned about 0.14% of Figma worth $13,413,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of FIG. Parallel Advisors LLC grew its stake in shares of Figma by 3,890.0% in the 1st quarter. Parallel Advisors LLC now owns 1,197 shares of the company's stock worth $25,000 after acquiring an additional 1,167 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of Figma during the third quarter valued at about $26,000. DV Equities LLC purchased a new position in Figma during the fourth quarter worth about $26,000. Concord Wealth Partners boosted its holdings in Figma by 1,446.8% during the fourth quarter. Concord Wealth Partners now owns 727 shares of the company's stock worth $27,000 after purchasing an additional 680 shares during the last quarter. Finally, Harbour Investments Inc. grew its position in Figma by 1,568.2% in the 4th quarter. Harbour Investments Inc. now owns 734 shares of the company's stock worth $27,000 after purchasing an additional 690 shares in the last quarter.

Insider Activity at Figma

In related news, CAO Tyler Herb sold 1,850 shares of Figma stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $26.40, for a total value of $48,840.00. Following the sale, the chief accounting officer owned 263,435 shares of the company's stock, valued at approximately $6,954,684. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Praveer Melwani sold 381,288 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $25.13, for a total value of $9,581,767.44. Following the completion of the transaction, the chief financial officer owned 1,725,716 shares in the company, valued at approximately $43,367,243.08. The trade was a 18.10% decrease in their position. 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. Insiders have sold a total of 1,394,111 shares of company stock worth $34,412,664 over the last 90 days. Corporate insiders own 32.26% of the company's stock.

Figma Stock Performance

NYSE FIG opened at $24.36 on Friday. Figma, Inc. has a 52-week low of $16.60 and a 52-week high of $142.92. The company has a 50-day simple moving average of $21.46 and a 200 day simple moving average of $23.02. The company has a market capitalization of $10.86 billion and a PE ratio of -7.10.

Figma (NYSE:FIG - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.27. The firm had revenue of $333.44 million for the quarter. Figma had a negative net margin of 123.83% and a negative return on equity of 98.51%. The company's revenue for the quarter was up 46.1% compared to the same quarter last year. As a group, analysts forecast that Figma, Inc. will post -0.79 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on FIG shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Figma in a research note on Tuesday, May 19th. Citigroup cut their target price on Figma from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. Morgan Stanley reduced their target price on Figma from $44.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday, May 15th. Stifel Nicolaus set a $25.00 price target on Figma in a research report on Friday, May 15th. Finally, Bank of America initiated coverage on Figma in a report on Tuesday, July 7th. They set a "buy" rating and a $30.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $32.56.

About Figma

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.

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