Figma (NYSE:FIG) General Counsel Sells $450,039.74 in Stock

Key Points

• Figma’s general counsel Brendan Mulligan sold 20,701 shares for approximately $450,040 at an average price of $21.74, reducing his position by 3.45% under a pre-arranged Rule 10b5-1 plan.
• Figma shares traded around $21.64, with a market capitalization of $9.85 billion; the stock remains well below its 52-week high of $71.48.
• The company reported quarterly revenue of $370.08 million, up 48.2% year over year, and beat analyst EPS expectations. 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 20,701 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $21.74, for a total value of $450,039.74. Following the completion of the transaction, the general counsel owned 579,274 shares in the company, valued at approximately $12,593,416.76. The trade was a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, September 3rd, Brendan Mulligan sold 109,106 shares of Figma stock. The stock was sold at an average price of $25.98, for a total value of $2,834,573.88.
• 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 shares were sold at an average price of $25.00, for a total transaction of $455,325.00.

Figma Stock Performance

FIG stock traded down $0.29 during midday trading on Wednesday, reaching $21.64. 5,695,976 shares of the company were exchanged, compared to its average volume of 17,368,371. The company has a market cap of $9.85 billion, a price-to-earnings ratio of -5.95 and a beta of 1.32. Figma, Inc. has a 1-year low of $16.60 and a 1-year high of $71.48. The stock's 50-day simple moving average is $24.34 and its 200 day simple moving average is $22.06.

Figma (NYSE:FIG - Get Free Report) last issued its 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 net margin of 123.15% and a negative return on equity of 100.03%. The company's quarterly revenue was up 48.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.09 EPS. On average, research analysts anticipate that Figma, Inc. will post -0.75 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FIG. Parallel Advisors LLC grew its holdings in shares of Figma by 3,890.0% during the first quarter. Parallel Advisors LLC now owns 1,197 shares of the company's stock worth $25,000 after buying an additional 1,167 shares during the last quarter. Sunbelt Securities Inc. grew its stake in shares of Figma by 287.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,225 shares of the company's stock valued at $47,000 after purchasing an additional 1,650 shares during the last quarter. Atlantic Private Wealth LLC purchased a new position in shares of Figma in the 1st quarter valued at approximately $74,000. IFP Advisors Inc raised its stake in shares of Figma by 176.1% during the second quarter. IFP Advisors Inc now owns 4,327 shares of the company's stock worth $78,000 after purchasing an additional 2,760 shares during the last quarter. Finally, North Star Investment Management Corp. lifted its holdings in shares of Figma by 138.9% during the first quarter. North Star Investment Management Corp. now owns 4,300 shares of the company's stock worth $91,000 after purchasing an additional 2,500 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FIG. Piper Sandler reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Figma in a report on Thursday, June 25th. KeyCorp began coverage on Figma in a report on Monday, September 14th. They issued a "sector weight" rating for the company. Weiss Ratings raised Figma from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Morgan Stanley set a $33.00 price target on Figma in a research note on Thursday, August 6th. Finally, Wells Fargo & Company cut their price target on Figma from $42.00 to $36.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Figma currently has an average rating of "Hold" and a consensus price target of $32.56.

Figma Company Profile

Figma, Inc is a collaborative software company that provides browser-based tools for designing, prototyping and developing digital products. Its platform enables product designers, developers, researchers, marketers and other stakeholders to work together on user interfaces and digital experiences in real time.

The company's product portfolio includes Figma Design for interface design and prototyping, FigJam for collaborative brainstorming and whiteboarding, and Dev Mode, which helps developers inspect designs and translate them into working products.

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