Figma Shares Seek Firm Ground Amid Post-Lockup Volatility

Figma's stock is attempting to find stable footing following the expiration of its post-IPO lockup period. A wave of automated insider sales has captured market attention, but investor focus is now shifting decisively toward the upcoming quarterly earnings report. The central question is whether the software firm can rebuild its credibility with Wall Street.

Key Data Points

• Initial Public Offering Price: $33.00 (July 31, 2025)
• Lock-up Period Expiration: January 27, 2026
• Next Quarterly Report: February 18, 2026
• Q4 Revenue Guidance: $292 – $294 million
• Nature of Insider Sales: Automated tax-withholding transactions (Sell-to-cover)

Trading around $22.00, Figma's equity currently sits well below its $33.00 IPO price. After a spectacular debut surge that pushed shares above $140.00, the stock has faced persistent downward pressure for months. This decline mirrors a broader sector-wide reassessment.

A notable shift in investor sentiment is underway across the cloud software landscape. The market's priority has moved away from pure top-line growth, placing greater emphasis on tangible profitability and the successful integration of generative AI tools. Figma is navigating this challenging environment alongside many peers, with numerous competitors also posting double-digit percentage declines in early 2026.

Automated Trades Follow Lockup Expiry

Recent regulatory filings with the SEC detail a series of stock sales by the company's executives. Transactions included the disposal of 74,305 shares by CTO Kris Rasmussen and 16,247 shares by CFO Praveer Melwani. Similar sales were reported by the head of sales and the chief legal officer.

Should investors sell immediately? Or is it worth buying Figma?

However, these moves are largely technical rather than strategic. They represent mandatory "sell-to-cover" events executed under pre-arranged 10b5-1 trading plans. The purpose is to fulfill tax obligations triggered by the vesting of stock-based compensation. Their timing is directly linked to the January 27 date, which marked the end of the standard 180-day lock-up agreement following the summer 2025 initial public offering.

Upcoming Earnings in the Spotlight

The immediate trajectory for the stock will likely be determined on February 18. After the U.S. market closes, Figma is scheduled to release its fourth-quarter and full-year 2025 financial results. Market participants will scrutinize whether the company has maintained its previous growth momentum.

The third quarter of 2025 saw Figma deliver impressive year-over-year revenue growth of 38%, achieving an annual revenue run rate of $1 billion. For the upcoming Q4 report, management's most recent projection anticipated revenue in the range of $292 million to $294 million. Whether the company meets or exceeds these targets is expected to set the tone for its performance this spring.