Figma, Inc. (NASDAQ:FIG) reported an insider sale by General Counsel and Secretary Brendan Mulligan on March 3, 2026, according to a Form 4 filing with the Securities and Exchange Commission. Mulligan disposed of 4,817 shares of Class A common stock at a weighted average price of $28.30 per share, with individual trade prices spanning $27.99 to $28.78, producing a gross transaction value of $136,303.
Following the transaction, Mulligan's direct ownership in Figma stands at 830,461 shares. The sale was carried out pursuant to a Rule 10b5-1 trading plan that Mulligan adopted on August 5, 2025.
Since the March 3 sale, Figma's share price has risen to $30.30. Despite this uptick, the stock remains down 74% over the past 12 months.
Company results and guidance
Figma released results for the fourth quarter showing revenue of $303.8 million, a 40% increase from the prior year and a result that exceeded analyst expectations. Adjusted earnings per share for the quarter were $0.08, ahead of the consensus estimate of $0.06. Management attributed the quarter's performance to higher platform adoption and integration of AI capabilities among users.
For fiscal 2026, Figma provided guidance that projects year-over-year revenue growth of 30%, which the filing characterizes as roughly 7 percentage points above consensus estimates.
Analyst reactions
Analyst responses to the quarter and guidance have been mixed. Stifel reduced its price target to $30 from $40. RBC Capital revised its target to $31 from $38 and kept a Sector Perform rating. Piper Sandler maintained an Overweight rating with a $35 price target, highlighting the company's strong fourth-quarter results and the elevated guidance.
Separately, InvestingPro analysis referenced in filings indicates that Figma's shares appear overvalued relative to their Fair Value. Investors are offered access to a Pro Research Report that covers Figma alongside more than 1,400 other U.S. equities for additional context.
Context and implications
The transaction was conducted under a pre-established 10b5-1 plan, a mechanism that allows insiders to sell shares according to predetermined parameters. The filing shows Mulligan still holds a substantial equity stake in the company even after the March 3 sale.
The combination of a strong quarterly report and elevated guidance alongside lowered price targets from some brokers frames a mixed market reception: operational momentum is evident, while valuation and margin impacts related to AI integration remain points of concern among analysts.
Note on coverage
The filing details and corporate results reported here are drawn from SEC filings and the company's published quarterly results. Where third-party analysis is cited, it is identified as such in the filing language.