Sumitomo Mitsui Trust Group Inc. Makes New $11.08 Million Investment in Figma, Inc. $FIG

Sumitomo Mitsui Trust Group Inc. acquired a new stake in Figma, Inc. (NYSE:FIG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 213,517 shares of the company’s stock, valued at approximately $11,075,000.

Other hedge funds have also recently modified their holdings of the company. SOA Wealth Advisors LLC. purchased a new position in Figma during the third quarter valued at approximately $39,000. Tripletail Wealth Management LLC purchased a new stake in Figma during the third quarter worth $53,000. CoreCap Advisors LLC acquired a new stake in Figma during the third quarter valued at $57,000. North Star Investment Management Corp. purchased a new position in Figma in the third quarter valued at $62,000. Finally, Lattice Capital Management LLC purchased a new position in Figma in the third quarter valued at $384,000.

Insider Buying and Selling at Figma

In other Figma news, CEO Dylan Field sold 3,029,063 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $37.30, for a total value of $112,984,049.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Brendan Mulligan sold 80,934 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $43.47, for a total transaction of $3,518,200.98. Following the completion of the transaction, the general counsel directly owned 913,181 shares in the company, valued at $39,695,978.07. This trade represents a 8.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 5,504,322 shares of company stock valued at $208,922,546. Insiders own 45.20% of the company’s stock.

Analysts Set New Price Targets

FIG has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Figma from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Piper Sandler lowered their price target on Figma from $85.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Wells Fargo & Company raised Figma from an “equal weight” rating to an “overweight” rating and set a $52.00 price objective on the stock in a report on Thursday, January 8th. Morgan Stanley cut their price objective on Figma from $65.00 to $48.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Stifel Nicolaus started coverage on Figma in a research report on Wednesday, January 7th. They set a “hold” rating and a $40.00 target price on the stock. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $52.13.

Figma Trading Down 6.2%

NYSE FIG opened at $29.64 on Friday. The company has a fifty day moving average price of $37.26. Figma, Inc. has a one year low of $29.48 and a one year high of $142.92. The firm has a market cap of $12.33 billion and a P/E ratio of -11.06.

Figma (NYSE:FIG) last announced its earnings results on Wednesday, November 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.56) by $1.66. The company had revenue of $274.17 million for the quarter. Figma had a negative net margin of 99.32% and a negative return on equity of 84.34%. The company’s revenue for the quarter was up 38.0% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS.

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.