Figma (FIG) Stock Falls 9% After Anthropic Launches Claude Design

TLDR

• Figma (FIG) fell 8.7% to $17.51 on Thursday, with volume down 73% vs average
• Anthropic launched Claude Design last week, a direct competitor to Figma
• Stock is down nearly 80% from its post-IPO peak in mid-2025
• Q4 revenue rose 40.1% to $303.8M, beating EPS estimates ($0.08 vs -$0.20 expected)
• CEO Dylan Field sold 250,000 FIG at $30.80 in February; insiders have sold ~1.06M total in 90 days

Figma (FIG) dropped 8.7% on Thursday, closing at $17.51. The stock touched a low of $17.70 intraday and ended the session well below its previous close of $19.17.

Figma, Inc., FIG

Trading volume came in at around 3.9 million — a 73% drop from the average session volume of 14.6 million. That kind of thin trading can amplify price moves in either direction.

The broader pressure on the stock traces back to last week, when Anthropic released Claude Design, a new AI-powered design tool pitched as a rival to Figma, Adobe, and Canva.

AI Competition Closes In

Claude Design puts Figma in an uncomfortable spot. AI design tools are improving fast, and the market is paying attention.

That said, Claude Design is seen as more accessible to hobbyists and non-professionals for now. Figma’s core user base — professional designers at large companies — hasn’t shown signs of abandoning the platform.

Figma has more than 13 million users. Roughly 95% of Fortune 500 companies use it. That’s not a base that switches tools overnight.

Still, the stock has now fallen nearly 80% from its post-IPO peak. Figma went public in mid-2025, posting the largest single-day gain for a U.S. company of its size in three decades. It’s been downhill since.

The market cap now sits at around $7.6 billion, a sharp contrast to the IPO-day enthusiasm.

Earnings Weren’t the Problem

Figma’s most recent quarterly results were actually solid. The company reported EPS of $0.08 for Q4, beating the consensus estimate of -$0.20 by $0.28.

Revenue came in at $303.8 million, up 40.1% year over year. For context, Figma hit $1 billion in annual revenue for the first time in 2025, with international revenue growing 45%.

The gross margin stands at 82.43% — a healthy number for a software business.

The problem isn’t the top line. It’s profitability. Figma carries a negative net margin of 121.87% and a negative return on equity of 97.03%. Analysts expect the company to post -$0.69 EPS for the full year.

The P/E ratio sits at -5.51, reflecting that the market isn’t pricing this as a profitable business yet.

Insider Activity Raises Eyebrows

Insider selling has picked up. CEO Dylan Field sold 250,000 FIG at $30.80 in late February, netting $7.7 million.

General Counsel Brendan Mulligan sold 4,817 FIG at $26.30 in March.

In total, insiders have sold roughly 1.06 million FIG worth about $30.5 million over the past 90 days.

Insiders still own 45.2% of the company.

On the analyst side, the consensus rating is Hold, with an average price target of $43.25 — a wide gap from where the stock is trading today.

Of 15 analysts covering the stock, four rate it a Buy, ten a Hold, and one a Sell.

The 50-day moving average is $23.84. The 200-day is $34.23. FIG is trading well below both.

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