Key Takeaways
- CEO Dylan Field offloaded 174,430 Class A shares on May 29, netting $4.36 million at an average of $25.02 per share.
- The transaction occurred through the Field 2024 GRAT Remainder Trust using a pre-established Rule 10b5-1 trading plan from August 2025.
- Shares of FIG declined approximately 5% on Wednesday, coinciding with a 3.5% drop in the iShares Expanded Tech-Software Sector ETF.
- While the stock has plummeted 79% year-over-year, the company delivered robust 41% revenue expansion reaching $1.16 billion with gross margins approaching 80%.
- Wall Street analysts have trimmed their outlook, including Stifel to $25, Piper Sandler to $30, and RBC Capital to $28.
Shares of Figma (FIG) experienced a roughly 5% decline on Wednesday following disclosure that CEO Dylan Field unloaded $4.36 million in Class A stock earlier in May. The design software company’s shares traded near $23 in the aftermath of the announcement.
According to regulatory documents, Field divested 174,430 Class A shares on May 29 through transactions averaging $25.02 per share, with individual sale prices ranging from $25.00 to $25.11. The Field 2024 GRAT Remainder Trust executed the sale, with A7P Trust Company serving as the designated trustee.
The divestiture was conducted under a pre-established Rule 10b5-1 trading arrangement—referred to as the “Field Diversification Plan”—which Field implemented in August 2025. Such mechanisms enable corporate insiders to sell equity holdings on predetermined schedules, shielding them from accusations of trading based on non-public information.
Prior to the transaction, the trust converted 174,430 Class B shares into an equivalent amount of Class A shares, a routine procedure specified in Figma’s corporate documentation. After completing the sale, the trust’s Class A share holdings were reduced to zero.
Despite this sale, Field maintains substantial ownership in the design platform. His direct holdings include 37,987,566 Class B shares, supplemented by indirect positions through LLL Investments LLC (14,754,517 Class B shares), the Field 2021 Descendants Trust (1,122,908 Class B shares), and the remaining balance in the Field 2024 GRAT Remainder Trust (348,859 Class B shares).
Software Sector Weakness Compounds Pressure
The stock decline wasn’t an isolated incident. On the same trading session, the iShares Expanded Tech-Software Sector ETF (IGV) retreated 3.5%, surrendering some gains after climbing over 25% in the preceding month. Emerging anxieties about artificial intelligence disruption have sparked portfolio rebalancing away from certain software holdings.
Figma’s stock trajectory has been particularly challenging. FIG has cratered 79% over the trailing twelve months, with shares hovering around $23 at present.
Wall Street Lowers Expectations Despite Strong Fundamentals
The analyst community has been recalibrating projections. Stifel reduced its price objective to $25, highlighting AI-related uncertainties. Piper Sandler trimmed its forecast to $30, emphasizing margin challenges. RBC Capital adjusted downward to $28, emphasizing valuation considerations. Oppenheimer continues to hold a Perform rating.
Separately, activist investor Findell Capital Management has pressed Figma to streamline operations and reassess board oversight, particularly following Anthropic‘s introduction of a rival design tool.
Yet beneath the stock turbulence, Figma’s operational performance remains impressive. The company delivered 41% revenue growth to $1.16 billion while maintaining gross profit margins near 80%. First quarter results showed revenue climbing 46% year-over-year, surpassing consensus estimates by $17.4 million. Company leadership attributed the strength to increased seat adoption and AI-driven demand.
InvestingPro analysts project Figma will achieve profitability this year following recent operating losses.
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