Figma

FIG · NYSE

$22.71+$1.17 (+5.43%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $21.54

FIG analyst rating

HoldConsensus of 13 analysts over the last 12 months. 46% rate it a buy.

Strong buy0
Buy6
Hold7
Underperform0
Sell0

12-month price target · 11 analysts

Average $31.80 (+40.0% upside)

Low: $25.25
Now: $22.71
High: $38.85

Upgrades and downgrades

The latest rating actions, newest first

FIG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Oct 14, 2026	Maintains	Hold	$25.00 → $22.00	38%
Wells Fargo	Oct 13, 2026	Maintains	Overweight	$34.00 → $30.00	49%
Keybanc	Sep 14, 2026	Initiates	Sector Weight	—	63%
B of A Securities	Aug 19, 2026	Maintains	Buy	$30.00 → $33.00	60%
Citigroup	Aug 7, 2026	Maintains	Buy	$35.00 → $37.00	56%
Citigroup	Jul 24, 2026	Maintains	Buy	$36.00 → $35.00	56%
B of A Securities	Jul 7, 2026	Initiates	Neutral → Buy	$30.00	60%
Wells Fargo	Jun 26, 2026	Maintains	Overweight	$42.00 → $36.00	49%
RBC Capital	Jun 25, 2026	Maintains	Sector Perform	$28.00 → $22.00	51%
Piper Sandler	Jun 25, 2026	Maintains	Overweight	$30.00	73%

The case for and against

Updated Oct 18, 2026

Bull case

Figma is viewed favorably because it has become the market-standard UI/UX collaboration platform, with strong competitive moats reinforced by enterprise adoption, deep workflow entrenchment, and broad use across brands like Netflix, Slack, Spotify, and Uber. Growth remains supported by expanding paid customers, rising >$100K ARR cohorts, and early AI monetization from products like Make, Weave, and Agent, which should deepen seat expansion and credit consumption as these tools mature. While 3Q AI upside appears muted, the combination of pricing tailwinds, multi-product adoption, and a rising share of non-design users suggests durable revenue growth and improving monetization potential over time.

Bear case

Figma is facing a negative outlook because its recent growth has been flattered by pricing changes and AI credit enforcement, while management itself has signaled tougher comps in 2H after the March 2025 pricing and packaging change and the August 25th AI credit repricing. At the same time, monetization of AI features is lagging usage, leaving gross margins under pressure as they fell from above 92% in 2024 to 88.2% in FY25, are expected to reach 82.5% in FY26E, and may stay in the low-80%s as beta products consume inference costs before payback. Although revenue still grew 41.0% in FY25 and over 45.0% in the first two quarters of FY26E, growth is expected to decelerate, operating margins are compressing toward 8.9%, and competition from AI-native and foundation-model rivals threatens both pricing power and long-term workflow ownership.

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