Insider transactions
Director Reed Andrew Phillips made a series of purchases of Figma Inc. (EXCHANGE:FIG) Class A common stock totaling approximately $36.5 million, according to a Form 4 filed with the Securities and Exchange Commission. The transactions were executed on February 20 and February 23, 2026, through SC Expansion Fund II Management, L.P., and amounted to 1,466,852 shares.
The purchase prices recorded on the filing ranged from $23.9503 to $25.9038 per share. The filing breaks down the purchases by date: 554,103 shares were acquired on February 20; on February 23, two separate buys of 42,362 shares and 870,387 shares were reported.
Post-transaction holdings
Following these additions, Reed Andrew Phillips holds indirect positions in Figma across multiple Sequoia-related vehicles. The Form 4 lists the following indirect holdings:
- 22,152,394 shares through Sequoia Capital U.S. Growth Fund VIII, L.P.
- 1,077,911 shares through SC U.S. Growth IX Management, L.P.
- 1,971,015 shares through SC US/E Growth X Management, L.P.
- 60,000 shares through Sequoia Capital US/E Expansion Fund I, L.P.
- 7,130,668 shares through Sequoia Grove II, LLC.
- 145,329 shares through Sequoia Grove UK, L.P.
Market context and valuation signals
At the time the filing was reported, Figma shares were trading at $27.43, representing an approximate 76% decline over the past year. InvestingPro analysis referenced in the filing indicates the stock appears overvalued relative to its Fair Value estimate, while also noting the company possesses a strong balance sheet with more cash than debt. The filing references a Pro Research Report covering Figma and more than 1,400 other U.S. equities for investors seeking detailed analysis.
Recent operating results and guidance
Figma reported fourth-quarter revenue of $303.8 million, a 40% year-over-year increase that exceeded analyst expectations. The company posted adjusted earnings per share of $0.08, above the consensus figure of $0.06. For fiscal 2026, Figma provided guidance projecting roughly 30% year-over-year revenue growth, which the filing notes is about 7 percentage points higher than consensus projections.
The companys results and guidance prompted varied responses from equity research firms. Piper Sandler reiterated an Overweight rating with a $35 price target, citing strong guidance. In contrast, Stifel lowered its price target from $40 to $30 and maintained a Hold rating, attributing the change to concerns about AI margins. RBC Capital trimmed its price target to $31 from $38, citing valuation concerns while retaining a Sector Perform rating. The filing highlights that, despite the divergence in analyst views, Figmas accelerated revenue growth and robust guidance have drawn notable attention.
What this filing shows
The Form 4 documents an influential investor increasing exposure to Figma through a Sequoia-affiliated vehicle over two trading days in February 2026. All transaction dates, share quantities, per-share price range, and the exact indirect holdings listed above are drawn from the SEC filing and the companys reported quarterly results and guidance as noted in the filing.