Figma's 0.14% Rise on November 11 Defies 24.54% Volume Drop and 247th U.S. Rank as Insider Sales Clash with Institutional Buys

Market Snapshot

On November 11, 2025, Figma (FIG) saw a trading volume of $0.42 billion, marking a 24.54% decline compared to the previous day’s activity and ranking 247th in volume among U.S. equities. Despite the drop in volume, the stock rose 0.14% for the day. The modest gain occurred against a backdrop of multiple insider filings to sell restricted shares, institutional investment activity, and mixed signals from earnings and price targets.

Key Drivers

Figma’s trading activity on November 11 was shaped by a confluence of insider transactions, institutional investor activity, and recent financial performance. The most notable development was the filing of Form 144 by four insiders—officers, the CFO, and a shareholder—seeking to sell a combined 380,255 shares via prearranged 10b5-1 trading plans. These filings, executed through Morgan Stanley Smith Barney LLC, included 272,789 shares from Officer Rasmussen, 80,934 from Officer Mulligan, 14,532 from CFO Melwani, and 13,000 from APM33 LLC. While such sales are routine under SEC rules, the cumulative volume of insider divestments in the last 90 days—totaling $6.2 million—raises questions about insider confidence or liquidity needs.

Institutional investors, however, have shown renewed interest in Figma. Whittier Trust Co., SOA Wealth Advisors, and Tripletail Wealth Management each initiated new stakes in the third quarter, collectively investing over $100,000. This contrasts with the insider sales, suggesting a potential divergence between short-term insider activity and long-term institutional optimism. The stock’s 50-day moving average of $55.98 and a 1-year range of $43.00–$142.92 further indicate a volatile but fundamentally resilient position.

Figma’s recent earnings report added a positive note, with the company posting $0.10 earnings per share (EPS) in the latest quarter—$1.66 above analysts’ expectations—and a 38% year-over-year revenue increase to $274.17 million. These results, coupled with the company’s FY 2025 EPS guidance, may have supported the 0.14% gain despite the sharp drop in trading volume. However, the stock’s current price near $48.17 (as per recent insider sales) lags behind Goldman Sachs’ $54 price target, highlighting a potential gap between market valuation and institutional expectations.

The interplay of these factors—routine insider sales, institutional buying, strong earnings, and a lagging price target—creates a complex narrative. While the insider activity could signal caution, the institutional appetite and earnings outperformance underscore Figma’s underlying business strength. The stock’s muted volume on November 11 may reflect a consolidation phase following these mixed signals, with investors awaiting further catalysts to drive direction.

Institutional and Insider Dynamics

The contrast between insider sales and institutional purchases highlights divergent perspectives on Figma’s near-term prospects. The insider sales, executed under 10b5-1 plans, are legally structured to avoid market manipulation concerns but may still influence investor sentiment. For instance, CFO Melwani’s 1.01% reduction in ownership and General Counsel Mulligan’s 1.64% stake reduction in November suggest strategic portfolio adjustments rather than outright pessimism. Meanwhile, institutional investors’ new stakes, including Whittier Trust’s $26,000 position and Tripletail’s $53,000 investment, reflect confidence in the company’s long-term growth trajectory, particularly in its design-software ecosystem.

The recent earnings beat and revenue growth further reinforce this optimism. Figma’s ability to exceed EPS estimates by a significant margin and grow revenue at a 38% annual rate demonstrates its resilience in a competitive SaaS market. However, the $54 price target from Goldman Sachs, set at a 12% premium to recent trading levels, implies that the stock has room to appreciate but may require stronger catalysts—such as improved earnings guidance or expanded market share—to close the gap.

Ultimately, Figma’s performance on November 11 reflects a market in flux. The 0.14% gain, despite a 24.54% drop in volume, suggests that positive earnings and institutional inflows offset concerns about insider sales. As the company navigates its Q4 2025 guidance and potential market-moving events, investors will likely monitor both corporate actions and broader industry trends to assess its trajectory.