KeyCorp Begins Coverage on Figma (NYSE:FIG)

Equities research analysts at KeyCorp assumed coverage on shares of Figma (NYSE:FIG) in a report issued on Monday, Benzinga reports. The brokerage set a “sector weight” rating on the stock.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company dropped 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. Oppenheimer reissued a “market perform” rating on shares of Figma in a research note on Thursday, June 25th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Figma in a research report on Thursday, August 6th. Citigroup lifted their target price on shares of Figma from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Bank of America raised their price target on shares of Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $32.56.

Figma Stock Performance

NYSE:FIG opened at $23.23 on Monday. Figma has a 52-week low of $16.60 and a 52-week high of $71.48. The stock has a fifty day moving average of $24.53 and a 200 day moving average of $22.85. The firm has a market capitalization of $10.57 billion and a price-to-earnings ratio of -6.38.

Figma (NYSE:FIG) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.30. The firm had revenue of $370.08 million for the quarter. Figma had a negative return on equity of 100.03% and a negative net margin of 123.15%.The business’s revenue was up 48.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 EPS. Equities analysts forecast that Figma will post -0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Figma

In related news, General Counsel Brendan Mulligan sold 211,599 shares of the firm’s 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 transaction, the general counsel owned 727,952 shares of the company’s stock, valued at approximately $21,685,690.08. This trade represents a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Praveer Melwani sold 381,288 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $25.13, for a total value of $9,581,767.44. Following the sale, the chief financial officer directly owned 1,725,716 shares of the company’s stock, valued at $43,367,243.08. This represents a 18.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,332,269 shares of company stock worth $34,624,827 over the last quarter. Company insiders own 32.26% of the company’s stock.

Institutional Trading of Figma

A number of large investors have recently made changes to their positions in FIG. Greylock XIV GP LLC bought a new stake in Figma in the second quarter worth $1,056,824,403. a16z Capital Management L.L.C. bought a new position in Figma during the 3rd quarter valued at about $842,687,000. Viking Global Investors LP purchased a new stake in Figma in the 4th quarter worth about $214,967,000. Durable Capital Partners LP bought a new stake in Figma in the third quarter worth about $278,510,000. Finally, Thrive Capital Management LLC bought a new stake in Figma in the third quarter worth about $228,034,000.

About Figma

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.