These Analysts Cut Their Forecasts On Figma Following Q2 Results

Figma, Inc. FIG posted mixed second-quarter results after Wednesday’s closing bell.

Figma reported quarterly earnings of zero cents per share, which missed the analyst estimate of 18 cents. Quarterly revenue clocked in at $249.64 million, which beat the Street estimate of $228.2 million and is up from revenue of $177.19 million from the same period last year.

"Our performance this quarter highlights the strength of our business and the critical value of design," said Praveer Melwani, Figma's CFO.

Figma sees third-quarter revenue between $263 million and $265 million and full-year revenue between $1.021 billion and $1.025 billion, implying 37% year-over-year growth at the midpoint of the range.

Figma shares dipped 18.5% to trade at $55.44 on Thursday.

These analysts made changes to their price targets on Figma following earnings announcement.

Wells Fargo analyst Michael Turrin maintained Figma with an Equal-Weight rating and lowered the price target from $82 to $70.
RBC Capital analyst Rishi Jaluria maintained the stock with a Sector Perform and lowered the price target from $75 to $65.
Morgan Stanley analyst Elizabeth Porter maintained Figma with an Equal-Weight rating and lowered the price target from $80 to $70.

Considering buying FIG stock? Here’s what analysts think: