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FIG
SHORTINSIDER SELLFIGMA INC
Funds
3
Score
3.00
vs SPY
+4.3%
Stock return (since Q-end)
+20.6%
SPY return (since Q-end)
+16.3%
Current price
$25.50
News Summary
NegativeFigma delivered a strong Q1 2026 earnings beat (46% YoY revenue growth to $333.4M, EPS $0.10 vs $0.06 est.) with raised full-year guidance and record 139% NDR driven by AI adoption and enterprise expansion. However, the stock has collapsed 74.9% from its August 2025 peak, activist investor Findell Capital is pushing a portfolio restructuring amid concerns about bloated R&D/SBC spending, and a major competitive threat emerged when Anthropic launched Claude Design in April 2026 after board member Mike Krieger resigned.
Red flags
- •Stock down 74.9% from all-time high (Aug 2025); down 27.4% in past 3 months despite earnings beat
- •Activist investor Findell Capital called company 'significantly undervalued,' citing excessive R&D (30%+ of revenue) and SBC ($375M, 27% of revenue vs Adobe's 8%)
- •Direct competitive threat: Anthropic launched Claude Design in April 2026, days after Figma board member Mike Krieger resigned; potential misuse of Figma confidential information flagged
- •Analyst consensus downgrade: JPMorgan initiated at Neutral ($42 target); Piper Sandler, Stifel, RBC all cut price targets; 12-analyst consensus is 'Hold'
- •Gross margin compressed to 82% due to AI inference costs
- •Potential governance issue: Kleiner Perkins and Sequoia (both on Figma board) have material economic exposure to Anthropic, per activist letter
Funds Reducing / Exiting (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | QoQ | Status |
|---|---|---|---|---|---|---|
| Viking Global | Andreas Halvorsen | 0 | — | — | -100% | EXITED |
| Dragoneer | Marc Stad | 0 | — | — | -100% | EXITED |
| Durable Capital Partners | Henry Ellenbogen | 0 | — | — | -100% | EXITED |
Shares Held reflects quarter-end positions for partial reductions. Funds that fully exited show 0 shares held. ∆ Shares is the change from the prior quarter.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|
| Mulligan Brendan | General Counsel and Secretary | SELL | 19K | $25.04 | $0.47M | 2026-05-19 |
| Rasmussen Kris | Chief Technology Officer | SELL | 327K | $25.07 | $8.20M | 2026-05-19 |
| Herb Tyler | Chief Accounting Officer | SELL | 669 | $23.79 | $0.02M | 2026-05-18 |
| Index Ventures VI (Jersey) LP | — | SELL | 12K | $24.36 | $0.30M | 2026-05-18 |
| Rimer Daniel H. | — | SELL | 12K | $24.36 | $0.30M | 2026-05-18 |