Movement Alert｜Figma Rises 5.56% in Regular Trading, Citigroup Initiates Buy Rating with $36 Target Price

Market Focus06-17 21:59

On June 17, Figma rose 5.56% in regular trading, trading at $19.335/share, with turnover of $124 million.

On the news front, Citigroup initiated coverage on Figma with a Buy rating and a target price of $36, implying significant upside from the current price level. According to FactSet, the consensus analyst rating on Figma is Overweight, with an average target price of $33.57.

The stock had previously come under pressure as the broader Application Software sector experienced sustained selling. On June 9 and June 12, Figma declined 5.02% and 5.79% respectively amid sector-wide profit-taking. The bullish initiation from Citigroup appears to have provided a catalyst for the rebound, reinforcing confidence in the company's growth trajectory following Q1 revenue growth of 46% year-over-year.

Figma, Inc. is an AI-powered design platform that enables seamless collaboration across the entire product development lifecycle. Its products include FigJam, Figma Slides, Figma Design, Figma Draw, Dev Mode, Figma Sites, Figma Buzz and Figma Make.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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