Sanford C. Bernstein Cuts Figure Technology Solutions (NASDAQ:FIGR) Price Target to $67.00

Key Points

• Sanford C. Bernstein cut its price target for Figure Technology Solutions to $67 (from $72) but maintained an "outperform" rating, a target implying about 116% upside from the current stock price.
• Figure missed quarterly EPS expectations (reported $0.06 vs. $0.13 forecast) and slightly missed revenue at $157.6M, though revenue was up about 90.7% year‑over‑year.
• The board authorized a $200 million share repurchase program (up to 3.3% of shares) while insiders sold roughly 292,478 shares worth about $9.7M in the past quarter.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) had its price objective cut by research analysts at Sanford C. Bernstein from $72.00 to $67.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Sanford C. Bernstein's price objective points to a potential upside of 116.13% from the company's current price.

FIGR has been the subject of a number of other research reports. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, February 19th. Texas Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday, January 29th. The Goldman Sachs Group reduced their price target on Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating for the company in a research report on Monday, March 2nd. Mizuho decreased their price target on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday. Finally, Weiss Ratings lowered shares of Figure Technology Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Figure Technology Solutions presently has a consensus rating of "Moderate Buy" and an average price target of $53.75.

Figure Technology Solutions Price Performance

FIGR stock opened at $31.00 on Monday. The stock has a 50 day moving average of $40.93. The firm has a market cap of $5.50 billion and a PE ratio of 77.50. Figure Technology Solutions has a 52 week low of $25.01 and a 52 week high of $78.00. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million during the quarter, compared to analysts' expectations of $158.00 million. Figure Technology Solutions's quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its board has authorized a stock repurchase plan on Thursday, February 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In related news, Director Sachin Chand Jaitly sold 216,713 shares of the business's stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Todd Stevens sold 49,708 shares of the firm's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the completion of the transaction, the insider directly owned 436,089 shares in the company, valued at $13,963,569.78. This trade represents a 10.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 292,478 shares of company stock valued at $9,715,699 over the last quarter.

Institutional Investors Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the company. Orland Properties Ltd purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $319,187,000. Vanguard Group Inc. purchased a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $91,751,000. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions in the third quarter valued at approximately $76,989,000. Fred Alger Management LLC acquired a new position in Figure Technology Solutions in the fourth quarter valued at approximately $67,386,000. Finally, Pantera Capital Partners LP purchased a new position in Figure Technology Solutions in the third quarter worth approximately $56,114,000.

Figure Technology Solutions Company 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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