Fred Alger Management LLC acquired a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR – Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,649,993 shares of the company’s stock, valued at approximately $67,386,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in Figure Technology Solutions in the 4th quarter valued at $25,000. Strs Ohio purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth $34,000. MetLife Investment Management LLC purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth $35,000. Flagship Harbor Advisors LLC purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth $40,000. Finally, Johnson Financial Group Inc. purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth $41,000.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. The Goldman Sachs Group reduced their price target on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Mizuho lifted their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Sanford C. Bernstein reduced their price target on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. Finally, Bank of America reduced their price objective on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.63.
Figure Technology Solutions Stock Up 2.3%
Shares of FIGR opened at $29.65 on Wednesday. The firm has a market cap of $5.41 billion and a P/E ratio of 51.12. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00. The company’s 50-day moving average price is $34.30 and its 200 day moving average price is $39.44. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20.
Figure Technology Solutions (NASDAQ:FIGR – Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $166.84 million during the quarter. On average, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current year.
Figure Technology Solutions declared that its board has authorized a stock repurchase plan on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Insider Transactions at Figure Technology Solutions
In related news, Director Michael Scott Cagney sold 35,190 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total value of $1,344,258.00. Following the sale, the director directly owned 35,190 shares in the company, valued at approximately $1,344,258. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Benjamin Tannenbaum sold 2,031 shares of Figure Technology Solutions stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $36.03, for a total value of $73,176.93. Following the completion of the transaction, the chief executive officer directly owned 3,193,641 shares of the company’s stock, valued at approximately $115,066,885.23. This represents a 0.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 511,928 shares of company stock worth $17,997,776 in the last 90 days. Insiders own 26.60% of the company’s stock.
About Figure Technology Solutions
Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.
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