Sumitomo Mitsui Trust Group Inc. Has $31.03 Million Stock Holdings in Figma, Inc. $FIG

Key Points

• Sumitomo Mitsui Trust Group increased its Figma stake by 613.9% in the first quarter, ending with 1,467,887 shares valued at about $31.0 million.
• Several other hedge funds also made large Figma bets, including ICONIQ Capital, a16z Capital Management, Viking Global, Durable Capital Partners, and Thrive Capital, all of which disclosed sizable new positions.
• Analysts remain mixed on Figma: the stock has a Hold consensus rating with an average price target of $32.67, while the shares recently traded up 12.6% to $23.77 despite ongoing insider selling and negative profitability metrics.

Sumitomo Mitsui Trust Group Inc. grew its holdings in Figma, Inc. (NYSE:FIG - Free Report) by 613.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,467,887 shares of the company's stock after acquiring an additional 1,262,258 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.33% of Figma worth $31,031,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. ICONIQ Capital LLC acquired a new stake in shares of Figma in the 3rd quarter valued at $1,108,879,000. a16z Capital Management L.L.C. bought a new position in Figma during the third quarter valued at about $842,687,000. Viking Global Investors LP bought a new position in Figma during the fourth quarter valued at about $214,967,000. Durable Capital Partners LP acquired a new stake in shares of Figma in the third quarter worth about $278,510,000. Finally, Thrive Capital Management LLC acquired a new stake in shares of Figma in the third quarter worth about $228,034,000.

Wall Street Analyst Weigh In

FIG has been the subject of several analyst reports. Wells Fargo & Company reduced their target price on Figma from $42.00 to $36.00 and set an "overweight" rating for the company in a report on Friday, June 26th. Bank of America began coverage on shares of Figma in a research report on Tuesday, July 7th. They issued a "buy" rating and a $30.00 price target on the stock. Oppenheimer restated a "market perform" rating on shares of Figma in a research note on Thursday, June 25th. Piper Sandler reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Figma in a report on Thursday, June 25th. Finally, Stifel Nicolaus set a $25.00 target price on shares of Figma in a research note on Friday, May 15th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Figma has a consensus rating of "Hold" and an average price target of $32.67.

Figma Stock Up 12.6%

Shares of FIG stock opened at $23.77 on Tuesday. Figma, Inc. has a 12 month low of $16.60 and a 12 month high of $142.92. The firm has a market cap of $10.59 billion and a PE ratio of -6.93. The stock has a 50 day moving average of $20.91 and a 200-day moving average of $24.36.

Figma (NYSE:FIG - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.27. The business 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 business's revenue for the quarter was up 46.1% compared to the same quarter last year. As a group, equities analysts predict that Figma, Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Praveer Melwani sold 30,460 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.48, for a total transaction of $623,820.80. Following the transaction, the chief financial officer owned 1,711,526 shares in the company, valued at approximately $35,052,052.48. The trade was a 1.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Kris Rasmussen sold 327,046 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $25.07, for a total transaction of $8,199,043.22. Following the transaction, the chief technology officer directly owned 9,771,529 shares of the company's stock, valued at $244,972,232.03. This represents a 3.24% 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. Over the last ninety days, insiders sold 733,309 shares of company stock worth $17,824,756. 32.26% of the stock is currently owned by corporate insiders.

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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