Figma (NYSE:FIG) General Counsel Sells 109,106 Shares

Key Points

• Figma General Counsel Brendan Mulligan sold 109,106 shares at an average price of $25.98, totaling approximately $2.83 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 15.18%.
• Figma shares fell 6.0% to $22.68, with the company valued at approximately $10.32 billion. The stock has traded between $16.60 and $71.48 over the past year.
• Figma reported quarterly revenue of $370.08 million, up 48.2% year over year, and adjusted expectations by beating the consensus EPS estimate. Analysts maintain a consensus “Hold” rating with an average price target of $32.56.

Figma, Inc. (NYSE:FIG - Get Free Report) General Counsel Brendan Mulligan sold 109,106 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $25.98, for a total value of $2,834,573.88. Following the sale, the general counsel owned 609,411 shares of the company's stock, valued at approximately $15,832,497.78. This represents a 15.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Brendan Mulligan also recently made the following trade(s):

• On Friday, August 28th, Brendan Mulligan sold 211,599 shares of Figma stock. The shares were sold at an average price of $29.79, for a total value of $6,303,534.21.
• On Wednesday, July 29th, Brendan Mulligan sold 18,213 shares of Figma stock. The stock was sold at an average price of $25.00, for a total value of $455,325.00.

Figma Trading Down 6.0%

FIG stock traded down $1.44 during mid-day trading on Tuesday, hitting $22.68. The stock had a trading volume of 19,373,201 shares, compared to its average volume of 18,009,150. Figma, Inc. has a 1-year low of $16.60 and a 1-year high of $71.48. The company has a fifty day moving average of $24.33 and a 200 day moving average of $22.92. The stock has a market capitalization of $10.32 billion and a price-to-earnings ratio of -6.23.

Figma (NYSE:FIG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.30. The business had revenue of $370.08 million during the quarter. Figma had a negative return on equity of 100.03% and a negative net margin of 123.15%.The firm's quarterly revenue was up 48.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 earnings per share. As a group, sell-side analysts expect that Figma, Inc. will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Figma

A number of institutional investors have recently made changes to their positions in the business. Greylock XIV GP LLC bought a new stake in Figma during the 2nd quarter valued at approximately $1,056,824,403. SC US Ttgp LTD. grew its stake in shares of Figma by 5.8% in the first quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company's stock worth $565,034,000 after acquiring an additional 1,466,851 shares during the last quarter. a16z Capital Management L.L.C. bought a new position in Figma during the third quarter worth $842,687,000. JPMorgan Chase & Co. increased its position in Figma by 119.4% during the fourth quarter. JPMorgan Chase & Co. now owns 6,643,939 shares of the company's stock worth $248,284,000 after acquiring an additional 3,615,198 shares during the period. Finally, Viking Global Investors LP acquired a new position in Figma during the 4th quarter valued at $214,967,000.

Wall Street Analysts Forecast Growth

Several research firms have commented on FIG. Morgan Stanley set a $33.00 target price on shares of Figma in a research report on Thursday, August 6th. Oppenheimer reaffirmed a "market perform" rating on shares of Figma in a research report on Thursday, June 25th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Figma in a report on Thursday, August 6th. Weiss Ratings raised Figma from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, August 27th. Finally, 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. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $32.56.

Figma Company Profile

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.

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.