Can a record revenue quarter still be considered a setback? As Figma Inc.‘s (NYSE:FIG) shares plummet and analysts scramble to adjust their forecasts, the surprising details behind the numbers reveal why the market isn’t impressed.
Shares of Figma tanked in early trading on Thursday after the company reported disappointing second-quarter earnings.
Here are some analyst takeaways.
- RBC Capital Markets analyst Rishi Jaluria maintained a Sector Perform rating, while reducing the price target from $75 to $65.
- BofA Securities analyst Brad Sills reaffirmed a Neutral rating, while cutting the price target from $85 to $69.
- Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and price target of $85.
Check out other analyst stock ratings.
RBC Capital Markets: Figma generated record revenue of $249.6 million, up 41% year-on-year, in line with consensus, Jaluria said in a note. He added, however, that non-GAAP earnings of $11.5 million missed the …