Figma Stock Price Prediction: Wall Street’s $30 Target May Be Too Low

Figma (NYSE:FIG) has been one of the most whiplash-inducing stories in software this year. After IPO’ing to euphoria, the stock is now down 61.26% over the past year and 27.03% year to date, even as revenue growth accelerated to 48% year over year in Q2. Wall Street’s consensus target sits at $30.80. I think that number is too conservative.

Figma currently trades at $27.27. Our 24/7 Wall St. price target for Figma is $40 over the next 12 months, implying roughly 47% upside. Our research view is constructive, with moderate-to-high confidence given the pace of AI monetization and the fact that the sell-off has compressed the multiple meaningfully.

24/7 Wall St. Price Target Summary

How a 48% Grower Ended Up in the Bargain Bin

Figma’s chart tells a story of expectations collision. Shares hit a 52-week high of $72.11 and a low of $16.60 within the same year. Recent price action has been constructive, with FIG up 29.12% over the past month and 4.84% in the last week.

In Q2, Figma delivered $370 million in revenue, a net dollar retention rate of 136%, and non-GAAP operating income of $36 million. Management raised the full-year outlook to $1.463 billion to $1.467 billion, an increase of $40 million. The disconnect between fundamentals and price is the setup.

Why Bulls See a Breakout to $50+

The bull thesis is straightforward: Figma is turning into an AI infrastructure story with a design front-end. Approximately 80% of customers with more than $10,000 in ARR were drawing down AI credits weekly, and more than 50% of paid customers with more than $10,000 in ARR were using the Figma agent weekly. Paid customers with over $100,000 in ARR grew 46% year-over-year.

CEO Dylan Field said “the opportunity is bigger than even we expected“. Non-GAAP gross margin held at 85%, and free cash flow was $53 million for the quarter. If AI credit consumption compounds through 2027 and Figma Agent, Make, and Code Layers transition from beta to paid, a $50 to $55 stock is within reach.

Risks Worth Watching

Figma trades at 11.41x trailing sales and a forward P/E of 93x. Reported EPS is -$4.4, and TTM operating margin is -31.7%. Bulls counter that GAAP results reflect stock-based compensation from a recent IPO and heavy AI investment, while non-GAAP operating margin was 10% in Q2.

Competitive pressure from Adobe, Canva, and AI-native coding tools is real. A downside scenario, where AI monetization stalls, points to $22.

How Figma Compares to Adobe and Atlassian

Adobe (NASDAQ:ADBE | ADBE Price Prediction) is the incumbent competitor and natural valuation anchor. Adobe trades at a forward P/E of 10x and P/S of 4x, but revenue grew just 12.7% last quarter. Figma is growing nearly 4x faster, warranting a premium, but the size of that premium is the debate.

Atlassian (NASDAQ:TEAM) is a better growth-oriented comparable. TEAM sports a forward P/E of 32x, a P/S of 6.6x, and revenue growth of 27.6%. Figma grows faster and carries higher gross margin, supporting pricing above TEAM’s multiple. On that framing, the 24/7 Wall St. price target of $40 looks reasonable rather than aggressive.

Where the Risk-Reward Points

The 24/7 Wall St. price target is $40, the research view is constructive, and confidence is 70%. The factor tipping the scale is AI credit consumption, already producing revenue rather than sitting in a roadmap.

The bull case rests on whether Figma Agent and Make can compound weekly usage into 2027. The bear case assumes enterprises will cap AI budgets and lean on coding-first tools instead. On balance, the risk-reward at $27.27 favors owners.

These projections assume Figma continues executing on AI monetization and sustains 30%-plus revenue growth through 2028. Significant upside or downside could result from acceleration or stalling of Figma Agent adoption and enterprise credit expansion.

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