RBC Capital Lowers its Price Target on Figma, Inc. (FIG) to $31 and Maintains a Sector Perform Rating

Jeff Lewis

Sun, February 22, 2026 at 1:35 PM GMT+9 2 min read

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Figma, Inc. (NYSE:FIG) is among the 11 Newly-Listed NYSE Stocks to Buy Now.

RBC Capital Lowers its Price Target on Figma, Inc. (FIG) to $31 and Maintains a Sector Perform Rating

On February 19, 2026, RBC Capital analyst Rishi Jaluria lowered the price target on Figma, Inc. (NYSE:FIG) to $31 from $38 and maintained a Sector Perform rating. Rishi Jaluria said the company posted a “solid” Q4 earnings beat but indicated RBC prefers to wait for a more attractive entry point before becoming more constructive. The firm added that Figma’s current trading level reflects its entrenched position across design and adjacent workflows, a strong gross margin profile, and expanding monetization opportunities tied to AI-native offerings such as Dev Mode and Figma Make.

Also on February 19, 2026, Morgan Stanley analyst Elizabeth Porter reduced the price target to $44 from $48 and reiterated an Equal Weight rating. Elizabeth Porter noted that a 70% quarter-over-quarter increase in weekly active users of Make helped drive a reacceleration to 40%-plus revenue growth in Q4. While revenue estimates were revised higher, Morgan Stanley said those gains are modestly offset by pressure on free cash flow stemming from “a lower operating margin posture.” Goldman Sachs likewise cut its price target that day to $35 from $40 and kept a Neutral rating, pointing to an ongoing debate around the defensibility of Figma’s core platform in an agent-first environment and potential seat compression across product development roles.

On February 18, 2026, Figma reported Q4 revenue of $303.8M versus consensus of $293.2M. Co-founder and CEO Dylan Field described 2025 as a “massive year” and said Q4 was the company’s best quarter yet, citing accelerated revenue and customer growth entering 2026. CFO Praveer Melwani said Q4 marked the best quarter for net new revenue on record, with 40% year-over-year revenue growth, an uptick in Net Dollar Retention Rate, and a 13% operating cash flow margin, while emphasizing continued investment in AI alongside financial discipline.

Figma, Inc. (NYSE:FIG) develops a browser-based user interface design platform used by design and development teams to build digital products.

While we acknowledge the potential of FIG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Most Profitable Undervalued Stocks to Buy and 11 Best Mining Stocks to Buy According to Wall Street.

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