Engineers Gate Manager LP Has $5.72 Million Stock Holdings in Figma, Inc. $FIG

Engineers Gate Manager LP increased its position in shares of Figma, Inc. (NYSE:FIG) by 1,806.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 316,215 shares of the company’s stock after buying an additional 299,627 shares during the quarter. Engineers Gate Manager LP’s holdings in Figma were worth $5,720,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FIG. Parallel Advisors LLC grew its stake in Figma by 3,890.0% in the first quarter. Parallel Advisors LLC now owns 1,197 shares of the company’s stock valued at $25,000 after purchasing an additional 1,167 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Figma during the 3rd quarter worth about $26,000. DV Equities LLC purchased a new stake in shares of Figma during the 4th quarter worth about $26,000. Harbour Investments Inc. lifted its holdings in shares of Figma by 1,568.2% during the 4th quarter. Harbour Investments Inc. now owns 734 shares of the company’s stock valued at $27,000 after buying an additional 690 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Figma in the 3rd quarter valued at approximately $27,000.

Figma Stock Up 4.9%

Shares of Figma stock opened at $23.23 on Friday. Figma, Inc. has a 12-month low of $16.60 and a 12-month high of $71.48. The stock has a market capitalization of $10.57 billion and a P/E ratio of -6.38. The stock has a 50 day moving average price of $24.53 and a two-hundred day moving average price of $22.86.

Figma (NYSE:FIG) last announced its earnings results on Wednesday, August 5th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.30. Figma had a negative net margin of 123.15% and a negative return on equity of 100.03%. The firm had revenue of $370.08 million for the quarter. During the same quarter last year, the business earned $0.09 EPS. The business’s revenue was up 48.2% compared to the same quarter last year. Sell-side analysts anticipate that Figma, Inc. will post -0.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Kris Rasmussen sold 261,301 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $25.07, for a total transaction of $6,550,816.07. Following the completion of the transaction, the chief technology officer directly owned 9,492,946 shares in the company, valued at $237,988,156.22. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Brendan Mulligan sold 211,599 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $29.79, for a total value of $6,303,534.21. Following the completion of the sale, the general counsel directly owned 727,952 shares of the company’s stock, valued at $21,685,690.08. This represents a 22.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,332,269 shares of company stock valued at $34,624,827. Corporate insiders own 32.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FIG. Weiss Ratings upgraded Figma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. Morgan Stanley set a $33.00 target price on shares of Figma in a research note on Thursday, August 6th. Wells Fargo & Company decreased their target price on shares of Figma from $42.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Stifel Nicolaus set a $25.00 price target on shares of Figma in a research note on Friday, May 15th. Finally, Piper Sandler restated an “overweight” rating and set a $30.00 price target on shares of Figma in a report on Thursday, June 25th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Figma has a consensus rating of “Hold” and an average target price of $32.56.

Figma Company Profile

Figma, Inc develops collaborative software for designing, prototyping and building digital products. Its cloud-based platform enables product designers, developers, marketers and other stakeholders to work together in real time on user interfaces, prototypes and digital experiences.

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