Movement Alert|Figma Rises 5.35% in Regular Trading, AI Application Software Sector Rallies on SAP Earnings Beat

Market Focus07-27

On July 27, Figma rose 5.35% in regular trading, trading at $22.3/share, with turnover of $29.24 million. The stock continues to benefit from broad sector momentum in AI application software names.

On the news front, SAP SE reported Q2 cloud revenue of 6.28 billion euros, up 24% year-over-year on a constant currency basis, exceeding the consensus estimate of 6.26 billion euros. Current cloud order backlog reached 22.9 billion euros, up 26% on a constant currency basis. The strong results have lifted the entire AI application software complex, with SAP gaining 5.71% and Palantir Technologies rising 3.68% in the current session.

Figma also benefits from favorable analyst sentiment. Bank of America recently initiated coverage with a Buy rating and a $30 price target, while Citigroup set a Buy rating with a $36 target. The consensus mean price target stands at $33.13 with an overweight average rating. The company is scheduled to report Q2 earnings on August 5 after market close, with consensus EPS estimated at -$0.22.

(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.

Comments

We need your insight to fill this gap
Leave a comment