Figma Stock (FIG) Today: Premarket at $38.90 as Analysts Split on 2026 Outlook (December 11, 2025)

Figma stock is starting Thursday’s session slightly in the red after a solid move higher yesterday, with traders weighing a powerful AI‑driven growth story against stretched valuations and heavy insider selling.

As of 6:00 AM EST on December 11, 2025, Figma, Inc. (NYSE: FIG) is changing hands in premarket trading at $38.90, down about 0.9% from Wednesday’s close of $39.26. ^[1]

Below is a full breakdown of how FIG is trading this morning, what’s behind the latest move, and how Wall Street and independent analysts now see the stock heading into 2026.

1. Figma stock price today (premarket, 6:00 AM EST)

Key price levels – December 11, 2025

Premarket price (6:00 AM EST):$38.90
Premarket change: -$0.36 (-0.92%) versus Wednesday’s close of $39.26
Premarket range so far:$38.90 – $38.92 ^[2]
Last regular-session close (Dec 10):$39.26, up 2.05% on the day
Wednesday’s intraday range:$38.13 – $40.28, on volume of roughly 6.3 million shares ^[3]

Bigger picture:

Market cap: about $19.46 billion at Wednesday’s close ^[4]
Trailing 12‑month revenue: ~$969 million ^[5]
Price‑to‑sales (P/S) ratio: roughly 20x, well above typical software averages ^[6]
52‑week range:$32.83 – $142.92 ^[7]

From the recent low close of $36.18 on December 2 to yesterday’s $39.26, FIG has already bounced about 8.5%, but the stock still trades more than 70% below its post‑IPO high near $143. ^[8]

All data above is as of premarket on December 11, 2025 and can change quickly once regular trading begins.

2. From blockbuster IPO to 70% drawdown

Figma’s story in 2025 has been dramatic even by high‑growth tech standards:

The company went public on July 31, 2025, pricing its IPO at $33 per share on the NYSE under ticker FIG. ^[9]
Shares surged nearly 158% on their first trading day, valuing Figma at about $50 billion, in one of the biggest software IPO pops in recent history. ^[10]
At the peak, FIG traded around $142–$143, before sliding steadily as excitement over AI‑linked IPOs collided with rising interest rates and valuation fatigue in software names. ^[11]

More recently, FIG has been hit by a series of sharp monthly drops:

A Motley Fool analysis noted that Figma fell about 28% in November, largely on a mix of profit‑taking, a broader tech pullback, and concerns that the stock was still “priced for perfection” after its summer debut. ^[12]

Against that backdrop, this week’s bounce and today’s mild premarket dip look more like positioning after a crash than a fresh trend in either direction.

3. Fundamentals: growth is strong, AI is central

Under the hood, Figma’s business momentum is still robust.

Q3 2025: “Best quarter in company history”

In its Q3 2025 results (reported November 5), Figma delivered:

Revenue:$274.2 million, up 38% year‑over‑year, beating guidance and pushing annualized revenue past $1 billion. ^[13]
EPS:$0.10 (non‑GAAP), smashing expectations for a significant loss (Street consensus was roughly -1.58). ^[14]
Margins & cash flow:
- ~86% gross margin
- ~12% non‑GAAP operating margin
- ~18% adjusted free‑cash‑flow margin ^[15]
Customer metrics:
- 131% net dollar retention for customers with >$10,000 ARR
- 12,910 customers spending >$10,000 in ARR
- 1,262 customers spending >$100,000 in ARR, adding ~140 in just one quarter ^[16]

Management raised both Q4 2025 and full‑year 2025 guidance, now targeting:

Q4 revenue:$292–294 million (around 35% YoY growth)
Full‑year revenue: about $1.044–1.046 billion, implying roughly 40% growth for 2025. ^[17]

AI products at the heart of the thesis

Figma is trying to justify its premium valuation by leaning heavily into AI:

New AI products like Figma Make, Figma Weave, and other AI‑powered features are designed to turn natural‑language prompts and simple inputs into working prototypes and design artifacts. ^[18]
Figma has also integrated with ChatGPT, allowing users to generate diagrams and flows directly into FigJam from conversations, and acquired Weavy to build out AI‑driven media generation and editing in its design suite. ^[19]

The core “moat” many analysts point to is deep enterprise penetration: Figma says its tools are used by about 95% of Fortune 500 companies, and more than 13 million people use its products each month. ^[20]

Put simply, the business looks like a classic high‑quality SaaS story. The stock, however, is where the debate gets intense.

4. Insider selling and valuation worries

High‑profile insider sales

One of the biggest overhangs on FIG in recent weeks has been large insider transactions:

A detailed report from CoinCentral shows that in early November, Figma’s CFO, Praveer Melwani, sold 53,624 shares, while CRO Shaunt Voskanian sold about 403,000 shares, together worth more than $20 million at prices around $43–48. ^[21]
These sales came as the stock was trading near a 12‑month low (roughly $40), after a steep slide from its early highs. ^[22]

MarketScreener and other news feeds have also highlighted a series of smaller insider sales and recent Form 4 filings, reinforcing the perception that executives are taking risk off the table after the IPO. ^[23]

Insider selling doesn’t automatically mean insiders are bearish—many executives diversify after big liquidity events—but the timing near lows, in combination with rich multiples, has fed the bearish narrative.

Expensive, even after a 70% drop?

Even after losing roughly two‑thirds of its value from the IPO peak, FIG still trades at lofty multiples:

P/S ratio around 20x (some analyses using earlier prices put it closer to 28x), versus peer averages closer to 8–10x and broader software averages around 5x. ^[24]
Price/book near 14x and a negative trailing P/E due to one‑time IPO‑related stock‑based compensation. ^[25]

Recent valuation pieces underscore just how divided the market is:

Simply Wall St presents two competing narratives:
- A bullish community “fair value” of about $65.70 per share, implying FIG is significantly undervalued versus recent prices in the mid‑30s.
- A DCF model that pegs fair value closer to $19.69, implying that even after the crash, the stock could still be overvalued on conservative cash‑flow assumptions. ^[26]
An AI‑generated deep‑dive on AInvest echoes this split, contrasting DCF‑based fair value in the $16–20 range with more optimistic investor narratives around $65+, and noting that FIG’s P/S multiple remains far above peers even after its 70% drop. ^[27]

This tug‑of‑war between growth quality and valuation risk is exactly what’s driving the choppy premarket and day‑to‑day moves traders are seeing now.

5. Fresh research and news around December 11, 2025

“Should Investors Buy Figma Stock Before 2026?” – Motley Fool (today)

Early this morning, a new Motley Fool column titled “Should Investors Buy Figma Stock Before 2026?” hit news feeds. The piece, syndicated via multiple financial portals, highlights: ^[28]

Figma’s rapid market‑share gains in the “creative cloud” and design‑software space.
The tension between strong fundamentals and volatile share performance after the IPO.

Given the article is behind a paywall on Motley Fool’s site, public summaries mainly emphasize that the author frames FIG as a high‑growth but high‑risk name and urges investors to weigh time horizon and risk tolerance carefully, rather than offering a simple “buy or sell” verdict.

“Is Figma’s 70% Drop a Buying Opportunity or a Warning Sign?” – AInvest (yesterday)

AInvest published a detailed analysis on December 10, directly addressing whether FIG’s roughly 70% slide is a bargain or a trap. Key takeaways: ^[29]

The article contrasts DCF‑based intrinsic value estimates around $19–20 with a bullish $65.70 fair‑value narrative built on aggressive growth and margin assumptions.
It notes that Figma commands roughly 40%+ share in design tools, with approximately 95% of Fortune 500 companies relying on its products, reinforcing the strength of its moat.
It pegs FIG’s P/S multiple at about 27–28x, well above both direct peers and the wider software sector.
The conclusion is nuanced: the sell‑off has likely priced in many risks, but FIG still isn’t “cheap” on traditional metrics, so the stock may suit patient, risk‑tolerant investors more than short‑term traders.

New Seeking Alpha opinions: from “overvalued” to cautious upgrades

Recent research on Seeking Alpha (summarized via aggregators) also reflects a spectrum of views:

“Figma: After 70% Fall, Still Unreasonably Valued” argues that even after the crash, FIG lacks a clear fundamental floor and remains richly valued relative to cash‑flow prospects. ^[30]
“Figma: Strong Growth, But Priced For Perfection” maintains a Hold rating and a roughly $38 price target, suggesting the stock may tread water near current levels as valuation and execution risk offset growth. ^[31]
A newer note, “Figma: This Is The Buying Opportunity I’ve Been Waiting For (Rating Upgrade)”, upgrades FIG to Buy after the valuation reset, pointing to 38% revenue growth, 131% net dollar retention and AI‑driven product expansion as reasons the risk/reward has finally become attractive. ^[32]

In other words, even among professional and semi‑professional analysts, FIG now attracts both cautious bulls and stubborn bears.

Insider & institutional activity in focus

The CoinCentral piece on insider sales notes that, despite large stock disposals, executives still retain multi‑million‑share positions, and it also highlights strong institutional buying in Q3 from firms like Baillie Gifford, Capital International and Marshall Wace. ^[33]
MarketScreener has flagged repeated insider sale headlines over the past month, which some traders treat as a short‑term negative sentiment signal. ^[34]

6. What Wall Street and models are forecasting for FIG

Street price targets

Across major broker and data platforms, the consensus looks like this:

Analyst rating: Overall “Hold” / “Neutral”
- Investing.com lists 9 analysts: 2 Buy, 7 Hold, 0 Sell, with a neutral consensus. ^[35]
- StockAnalysis sees 10 analysts with an average rating of “Hold.” ^[36]
12‑month price target:
- Average: roughly $65–68 per share, implying ~65–72% upside from around $39. ^[37]
- Individual targets from firms like Susquehanna, Piper Sandler, JPMorgan, Goldman Sachs and Wells Fargo cluster mostly in the low‑$50s to low‑$70s, with ratings tilted toward neutral. ^[38]

So while valuation models like DCF can point to values under $20, Street targets skew much higher, reflecting confidence in:

Persistent 30–40% annual revenue growth
Figma’s sticky enterprise customer base
The upside of its AI product roadmap

Algorithmic price predictions

Crypto‑style forecasting site CoinCodex provides another angle:

Its model expects FIG to trade between roughly $39 and $77 in 2025, with an estimated single‑digit percentage gain over the next year.
For 2030, its model suggests a wide range around $22–49, illustrating just how uncertain long‑term projections are for high‑growth software names. ^[39]

These algorithmic predictions are based largely on technical patterns and historical volatility, not the detailed fundamental work analysts do, so they should be used—if at all—with caution.

7. Bull vs. bear case for Figma at today’s prices

Bull case (why some see FIG as a buy on this dip)

Category leader with massive penetration
Figma is already embedded in about 95% of Fortune 500 companies, and 76% of customers use more than one Figma product, creating a platform effect rather than a single‑product dependency. ^[40]
High‑quality SaaS metrics
Revenue is growing around 38–40%, with very high gross margins, positive non‑GAAP operating income, and strong free‑cash‑flow margins—metrics many SaaS investors prize. ^[41]
AI could expand the TAM
AI tools like Figma Make, Weave and the ChatGPT integration could pull more non‑designers into the workflow and increase seat counts over time, potentially supporting years of upsell and cross‑sell growth. ^[42]
Valuation reset vs. IPO euphoria
After a 70%+ drawdown from the IPO peak, some investors and analysts now see FIG as “expensive but reasonable” rather than untouchable, especially with consensus targets 60–70% higher than the current price. ^[43]

Bear case (why others still say “too rich”)

Valuation still far above peers
Even after the fall, FIG’s 20–28x P/S multiple sits multiple turns above other fast‑growing software names, leaving little room for execution missteps or macro shocks. ^[44]
DCF models suggest much lower fair value
Conservative cash‑flow models from Simply Wall St and others point to fair value closer to $16–20 per share, implying the stock could still be significantly overvalued if growth slows faster than bulls expect. ^[45]
Heavy insider selling sends a mixed signal
Large disposals from top executives near 12‑month lows add to investor anxiety, even if insiders continue to hold substantial stakes. ^[46]
Intense competition
Figma faces powerful rivals like Adobe, Atlassian, Miro, Canva and others, all racing to integrate AI into their products. If Figma stumbles or rivals undercut on price, growth and pricing power could both suffer. ^[47]

8. Key levels and catalysts to watch after the open

For traders and longer‑term investors alike, the following are worth watching around today’s session and the weeks ahead:

Price levels
- The $40 mark has become a psychological ceiling in recent sessions. A sustained break above could signal renewed momentum. ^[48]
- On the downside, the low‑$30s (near the 52‑week low around $32.83) remain the key support region if sentiment turns sharply risk‑off again. ^[49]
Insider & institutional filings
- Any new Form 4 insider sales or major institutional moves disclosed in 13F‑style filings will be closely parsed for sentiment clues, given the prominence of recent sales. ^[50]
Product & AI announcements
- Updates on AI adoption metrics, especially usage of Figma’s newest tools among high‑spend enterprise customers, could shift valuation narratives more than incremental macro headlines. ^[51]
Next earnings report
- Figma’s next earnings call (covering Q4 2025) will be critical for seeing whether it can hit its 35% Q4 revenue growth target and maintain double‑digit operating margins. ^[52]

9. Bottom line for Figma stock this morning

At 6:00 AM EST, Figma stock is quietly trading just below yesterday’s close, reflecting cautious consolidation rather than panic or euphoria. ^[53]

The business case—dominant market position, rapid growth, strong margins, and a big AI opportunity—remains compelling. But the equity story is still dominated by one question:

Has FIG fallen enough to fairly reflect its risks, or is this still a richly priced growth name in a more demanding rate environment?

With Wall Street targets clustered far above the current price but fundamental models painting a much lower fair value, investors are likely to see continued volatility and sharp sentiment swings into 2026.

Important disclaimer

This article is for informational purposes only and does not constitute financial, investment, or trading advice. Stock prices and other figures are based on publicly available data as of December 11, 2025, around 6:00 AM EST and may change throughout the trading day. Always do your own research or consult a licensed financial professional before making investment decisions.