Figma: Analysts Buy While Insiders Keep Selling

NEW YORK, October 24 —

When Oppenheimer named Figma, Inc. (FIG) a top small and mid-cap software pick on October 23, the stock had already shed 60% over the trailing twelve months, and the company's own general counsel had spent the prior ten weeks selling shares at every price down to $21.74. The divergence between outside analyst conviction and insider behavior is the question the stock forces investors to answer.

The Business Behind the Slide

Figma makes the browser-based design platform that product teams use to build, prototype, and ship digital products, Figma Design, Dev Mode for engineers, FigJam for whiteboarding, and Figma Slides for presentations. The company has been pushing into adjacent territory: Figma Sites converts designs directly into published web pages, Figma Buzz handles brand-template publishing for social media and display ads, and a Payload CMS acquisition extends the platform into headless content infrastructure. The AI additions, Figma Make for prompt-to-prototype generation and Figma Weave for node-based AI media chaining, frame the growth story as a platform expanding its surface area, not a single-product company defending a position. That expansion shows in the financials: 79.1% gross margin and $249 million in trailing operating cash flow against a $1.60 billion net cash position.

The Selling Pattern Has a Shape

General Counsel Brendan Mulligan's sales form a descending staircase. He sold a combined $6.30 million across two tranches on August 28 at prices around $29, $30. He sold another $2.83 million on September 3 as the stock fell to $25, $26. On October 5, he sold a further 20,701 shares at $21.74, approximately 28% below his August peak, for $450,000. Each tranche came at a lower price than the last, per SEC filings. The Chief Accounting Officer also sold in September and October. No Figma insider made a single open-market purchase across the 90-day window. On October 19, CEO Dylan Field appeared on the All-In podcast arguing that over-reliance on AI for creative thinking produces generic work, a defensible position that also happens to describe why Figma's human-in-the-loop model should still command a premium. Insiders are not acting on that premium thesis with their own capital.

What Q3 Will Have to Settle

FIG trades at 71.5x forward earnings with 20.5% of float sold short, a configuration where the stock reacts sharply to earnings surprises in either direction. Four consecutive EPS beats with an average positive surprise well above 90% set a baseline expectation; another beat shrinks the short-interest overhang and gives Oppenheimer's call its catalyst. A miss, or revenue guidance that implies deceleration from 48% growth, would validate the selling pattern as prescient rather than routine. The specific number to watch is whether Q3 revenue sustains anything near that 48% growth rate. Run the free Figma, Inc. deep-dive →

Current fundamentals, valuation and filing history for Figma, Inc. (FIG) are tracked on its Basis Report page.

Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.