Figma General Counsel Sells 109,000 Shares for $2.8 Million
Key Points
Mulligan executed the disposition of ~109,000 shares on September 3, 2026, totaling ~$2.8 million in transaction value.
The transaction involved shares equal to 15% of the equity stake held before the filing.
The sale consisted entirely of directly held shares, with the insider retaining no indirect equity holdings.
The activity was conducted under a Rule 10b5-1 trading plan adopted on May 29, 2026, which established the parameters for this execution.
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Brendan Mulligan, General Counsel and Secretary of Figma, Inc. (NYSE:FIG), reported a sale of ~109,000 shares of Class A Common Stock in an SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Transaction value | ~$2.8 million |
| Shares sold | ~109,000 |
| Post-transaction shares (directly held) | ~609,000 |
| Post-transaction value | ~$15.37 million |
Transaction value based on SEC Form 4 weighted average sale price ($25.98); post-transaction value based on Sept. 3, 2026, market close ($25.22).
Key questions
- What was the execution context for this transaction?
The shares were sold at a weighted-average price of $25.98 per share, which was above the $25.22 market close on the Sept. 3, 2026, transaction date. - How does this impact the insider's long-term position?
Brendan Mulligan retains direct ownership of ~609,000 shares of Class A Common Stock, representing a total beneficial ownership value of ~$13.9 million based on the Sept. 8, 2026, market close. - What are the broader financial fundamentals for Figma?
Figma reported trailing twelve-month revenue of $1.3 billion and a net loss of $1.6 billion, while maintaining a market capitalization of $12.1 billion as of the Sept. 8, 2026, market close. - Has the stock performance influenced the timing of this activity?
The company recorded a one-year total return of -63% as of the transaction date, though the pre-scheduled nature of the Rule 10b5-1 plan indicates the timing was independent of short-term price movements.
Company Overview
| Metric | Value |
|---|---|
| Share Price (as of market close 2026-09-08) | $22.75 |
| Market Capitalization | $12.1 billion |
| Revenue (TTM) | $1.3 billion |
| Net Income (TTM) | -$1.6 billion |
Company Snapshot
- Figma develops and operates a cloud-based collaborative design platform that enables teams to design, prototype, and build digital experiences through its core offerings, including Figma Design for collaborative design work, Dev Mode for design-to-code translation, and FigJam for ideation and alignment.
- The company generates revenue through a subscription-based software-as-a-service model, offering tiered access to its platform with pricing structures designed to serve individual designers, teams, and enterprise organizations seeking collaborative design capabilities.
- Figma's primary customers include design teams, product development organizations, and enterprises across technology, consumer, financial services, and other sectors that require collaborative digital design and prototyping capabilities.
Figma is a leading provider of collaborative design software with a market capitalization of $12.1 billion and TTM revenue of $1.3 billion, serving a global customer base through its browser-based platform. The company's strategic positioning emphasizes seamless collaboration between design and development teams, differentiated by its cloud-native architecture and integration capabilities that reduce friction in the product development workflow. Despite current profitability challenges, Figma maintains a significant market presence in the digital design tools sector, with approximately 1,886 employees and a comprehensive product suite that addresses the full spectrum of design and prototyping workflows.
What this transaction means for investors
Investors may struggle to make sense of Brendan Mulligan's sale of Figma shares.
Indeed, he sold under the Rule 10b5-1 framework, meaning he pre-planned the sale. Also, selling 15% of one's stake is typically not a cause for alarm.
However, this transaction was the latest in a series of sales totaling more than $9 million in the SaaS stock.
As previously stated, Mulligan continues to hold more than $15 million worth of Figma stock. Moreover, revenue grew by 47% year over year to more than $704 million in the first half of 2026. Investors should also note that the company lost about $255 million over the same period, which could add an element of risk to the company.
Nonetheless, that growth speaks to the growing popularity of its interface design stock. It also suggests that Figma stock may benefit from AI rather than getting caught in the so-called "SaaSpocalypse," in which AI has rendered certain software platforms obsolete.
Ultimately, despite this and other sales, Mulligan has held more Figma stock than he has sold. That likely faith in the company and its growth suggest that owning Figma stock could pay off in the long term.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Figma. The Motley Fool has a disclosure policy.
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