Figma (FIG)
Market Price (9/4/2026): $24.7 | Market Cap: $13.0 BilSector: Information Technology | Industry: Application Software
Figma (FIG)
Market Price (9/4/2026): $24.7Market Cap: $13.0 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), and Collaborative Software. | Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -150% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -124% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 131% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% Key risksFIG key risks include [1] margin pressure and an existential threat from AI-native competitors, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 43% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Future of Work. Themes include Software as a Service (SaaS), and Collaborative Software. |
| Weak multi-year price returns2Y Excs Rtn is -117%, 3Y Excs Rtn is -150% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.6 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -124% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 131% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% |
| Key risksFIG key risks include [1] margin pressure and an existential threat from AI-native competitors, Show more. |
Qualitative Assessment
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Figma (FIG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong fiscal Q2 2026 Performance Offset by Cautious Fiscal Q3 Guidance.
Figma reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue reaching $370.08 million, an increase of 48% year-over-year, and beating analyst estimates by 5.28%. The adjusted earnings per share (EPS) of $0.08 also significantly surpassed expectations by 100%. Despite these positive results, the stock experienced an initial post-earnings decline of 11.62% as the company's fiscal Q3 2026 revenue guidance of $373 million-$375 million implied a slower 1% sequential growth rate, dampening investor enthusiasm.
2. Investor Optimism on AI Innovation Tempered by Margin Concerns.
Figma's accelerated revenue growth was significantly driven by its expanded artificial intelligence (AI) features, such as Code Layers, and the initial monetization of AI credits, with over 80% of paid customers generating over $10,000 in annual recurring revenue actively utilizing AI credits weekly. This positive sentiment surrounding Figma's AI strategy provided upward momentum. However, this was counterbalanced by concerns among investors and analysts regarding the increased operational expenses associated with substantial AI investments, which some analysts noted could lead to near-term margin pressure.
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Figma (FIG) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong fiscal Q2 2026 Performance Offset by Cautious Fiscal Q3 Guidance.
Figma reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, with revenue reaching $370.08 million, an increase of 48% year-over-year, and beating analyst estimates by 5.28%. The adjusted earnings per share (EPS) of $0.08 also significantly surpassed expectations by 100%. Despite these positive results, the stock experienced an initial post-earnings decline of 11.62% as the company's fiscal Q3 2026 revenue guidance of $373 million-$375 million implied a slower 1% sequential growth rate, dampening investor enthusiasm.
2. Investor Optimism on AI Innovation Tempered by Margin Concerns.
Figma's accelerated revenue growth was significantly driven by its expanded artificial intelligence (AI) features, such as Code Layers, and the initial monetization of AI credits, with over 80% of paid customers generating over $10,000 in annual recurring revenue actively utilizing AI credits weekly. This positive sentiment surrounding Figma's AI strategy provided upward momentum. However, this was counterbalanced by concerns among investors and analysts regarding the increased operational expenses associated with substantial AI investments, which some analysts noted could lead to near-term margin pressure.
3. Positive Macroeconomic Indicators Counteracting Earnings Volatility.
While the stock experienced volatility immediately after its fiscal Q2 2026 earnings release, a broader recovery in the software sector and favorable macroeconomic news helped stabilize its price. Specifically, a softer-than-expected Consumer Price Index (CPI) report on August 13, 2026, eased fears of interest rate hikes, and strong earnings reported by Salesforce on August 27, 2026, boosted confidence across the software industry, contributing to a rebound in Figma's stock in late August.
4. Notable Insider Selling Activity.
Brendan Mulligan, Figma's General Counsel and Secretary, executed a significant insider sale on August 28, 2026. He sold 211,599 shares of Class A Common Stock at weighted average prices between approximately $29 and $31 per share, totaling around $6.3 million. This transaction, conducted under a Rule 10b5-1 trading plan adopted on May 29, 2026, represented a substantial divestment by a company executive and likely contributed to some downward pressure or limited the stock's upside during the period.
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Stock Movement Drivers
Fundamental Drivers
The -1.1% change in FIG stock from 5/31/2026 to 9/3/2026 was primarily driven by a -9.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.50 | 25.22 | -1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,161 | 1,281 | 10.4% |
| P/S Multiple | 11.5 | 10.4 | -9.7% |
| Shares Outstanding (Mil) | 523 | 527 | -0.8% |
| Cumulative Contribution | -1.1% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FIG | -1.1% | |
| Market (SPY) | 2.2% | 3.2% |
| Sector (XLK) | -2.6% | -12.0% |
Fundamental Drivers
The -14.2% change in FIG stock from 2/28/2026 to 9/3/2026 was primarily driven by a -27.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.39 | 25.22 | -14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,056 | 1,281 | 21.4% |
| P/S Multiple | 14.3 | 10.4 | -27.3% |
| Shares Outstanding (Mil) | 513 | 527 | -2.7% |
| Cumulative Contribution | -14.2% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FIG | -14.2% | |
| Market (SPY) | 13.0% | 7.7% |
| Sector (XLK) | 34.2% | -0.6% |
Fundamental Drivers
The -64.1% change in FIG stock from 8/31/2025 to 9/3/2026 was primarily driven by a -10.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.28 | 25.22 | -64.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 1,281 | 0.0% |
| P/S Multiple | � | 10.4 | 0.0% |
| Shares Outstanding (Mil) | 475 | 527 | -10.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FIG | -64.1% | |
| Market (SPY) | 20.9% | 19.6% |
| Sector (XLK) | 42.3% | 14.2% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FIG | ||
| Market (SPY) | 77.7% | 16.5% |
| Sector (XLK) | 115.7% | 12.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FIG Return | - | - | - | - | -68% | -31% | -78% |
| Peers Return | 15% | -46% | 51% | 5% | -7% | -2% | -10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FIG Win Rate | - | - | - | - | 17% | 44% | |
| Peers Win Rate | 60% | 27% | 63% | 53% | 45% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| FIG Max Drawdown | - | - | - | - | - | -55% | |
| Peers Max Drawdown | -28% | -53% | -22% | -28% | -31% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADBE, MSFT, TEAM, ZM, ADSK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
FIG has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
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FIG has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
In The Past
State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
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About Figma (FIG)
Figma (FIG) is a leading browser-based, AI-powered collaboration platform designed for teams to create and develop digital products and experiences. It serves as a central hub where designers, developers, product managers, and other stakeholders work together throughout the entire software creation lifecycle, from initial idea generation and concept visualization to final product implementation. The platform's expansive view of design extends beyond aesthetics to encompass how digital products function, making it critical for companies aiming to stand out in an increasingly digital world.
The company's core offering is its integrated, cloud-based platform that enables real-time collaboration on design projects through a simple URL. It allows cross-functional teams to share ideas, align on visions, and translate designs into coded products efficiently. Figma caters to the growing movement to elevate design and streamline software building, recognizing that better-designed digital products are essential for attracting and retaining user loyalty.
Figma primarily serves large enterprises and organizations across diverse industries and geographies that are heavily investing in digital transformation. Its robust client base includes 95% of the Fortune 500 and 78% of the Forbes Global 2000 as of March 2025. The platform supports over 13 million monthly active users, with a significant two-thirds comprising non-designers, highlighting its broad appeal for cross-functional team collaboration on prominent digital products used by billions daily, such as Google Maps, Uber, and Netflix.
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- Google Docs for digital product design and collaboration.
- The modern, collaborative Adobe for creating apps and websites.
- GitHub for visual design and prototyping of software.
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- Collaborative Ideation and Whiteboarding: A core offering within the Figma platform that allows teams to collaboratively share and explore ideas and align on a vision for digital products.
- Digital Product Design and Prototyping: An AI-powered suite of tools within the Figma platform for visualizing concepts, designing user interfaces, and translating them into coded digital products.
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Figma (FIG) primarily sells its software and services to other companies and organizations.
While Figma's customer base is very broad, encompassing 95% of the Fortune 500 and 78% of the Forbes Global 2000, the company's description highlights several prominent organizations whose digital products are created using Figma. These serve as examples of Figma's major customers:
- Google (Alphabet Inc.) (Symbol: GOOGL)
- Uber Technologies, Inc. (Symbol: UBER)
- JetBlue Airways Corporation (Symbol: JBLU)
- Netflix, Inc. (Symbol: NFLX)
- Duolingo, Inc. (Symbol: DUOL)
- LinkedIn (a subsidiary of Microsoft Corporation) (Symbol: MSFT)
- MercadoLibre, Inc. (Symbol: MELI)
- Airbnb, Inc. (Symbol: ABNB)
- Anthropic (Claude) (Private Company)
These companies represent a diverse range of industries, all leveraging Figma to develop their digital products and experiences.
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Dylan Field, CEO & Co-Founder
Dylan Field co-founded Figma in 2012 with Evan Wallace after receiving a Thiel Fellowship, which led him to drop out of Brown University. He previously interned at LinkedIn and Flipboard. Field is also an angel investor. Figma went public in July 2025. An attempted $20 billion acquisition of Figma by Adobe in 2022 was terminated in 2023 due to antitrust scrutiny from regulators.
Praveer Melwani, Chief Financial Officer
Praveer Melwani joined Figma in July 2017 as Head of Business Operations and Finance and was appointed Chief Financial Officer in March 2022. Prior to his time at Figma, Melwani held positions in Business Operations at NerdWallet and in Strategic Finance at Dropbox. He played a key role in preparing Figma for its initial public offering and navigating the period of the attempted Adobe acquisition.
Kris Rasmussen, Chief Technology Officer
As CTO, Kris Rasmussen is responsible for driving Figma's technology strategy, scaling engineering operations, and enhancing platform reliability. Before joining Figma, Rasmussen served as VP of Engineering and Technical Advisor at Asana and held significant engineering roles at other SaaS companies.
Sheila Joglekar Vashee, Chief Marketing Officer
Sheila Joglekar Vashee leads Figma's marketing efforts, including brand building, demand generation, and product marketing. She holds an MBA from Stanford Graduate School of Business. Her prior experience includes marketing leadership at Salesforce, and earlier roles at Google and Adobe. Vashee also serves as an advisor at Basis Set Ventures.
Yuhki Yamashita, Chief Product Officer
Yuhki Yamashita leads Figma's product team. Before joining Figma in 2019, he held product and design roles at Uber, where he was responsible for redesigning both the rider and driver applications. He also previously held product leadership positions at Medium and Adobe.
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The key risks to Figma's business are:
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Dependence on continuous innovation and adaptation to rapidly evolving AI technologies: Figma's platform is described as "AI-powered," and the company explicitly states that "as AI makes software much easier to create," better-designed digital products become even more critical. This indicates that Figma's success is closely tied to its ability to continuously innovate and integrate cutting-edge AI advancements to maintain its competitive edge and relevance in the evolving landscape of software creation and design tools.
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Potential slowdown or reversal in digital transformation and the perceived importance of differentiated digital product design: Figma benefits from "organizations across industries and geographies continue to invest heavily in digital transformation" and the belief that "better-designed digital products and experiences have become even more critical." A decrease in the pace of global digital transformation or a shift in industry perception regarding the necessity of highly refined digital design (e.g., if simpler, AI-generated solutions become widely sufficient) could impact Figma's growth trajectory and market demand for its platform.
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Figma (symbol: FIG) estimates its total addressable market to be approximately $33 billion globally. This market encompasses various aspects beyond just design, including collaboration, workflow, presentation, marketing, and product operations.
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Figma (symbol: FIG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Advanced AI Integration and New Product Offerings: Figma's ongoing integration of artificial intelligence and the launch of new AI-powered products, such as Figma Make, are significant growth catalysts. Figma Make, which became generally available in July 2025, has been instrumental in accelerating business changes and increasing paid customer adoption. By the fourth quarter of 2025, weekly active users of Figma Make grew over 70% quarter-over-quarter, with more than half of its large customers (those with over $100,000 in Annual Recurring Revenue or ARR) utilizing it weekly. The company has also expanded its product portfolio to include Figma Draw, Figma Sites, and Figma Buzz, broadening its addressable use cases. Furthermore, the monetization of AI credits, which began in March 2026, is anticipated to contribute to revenue growth.
- Expansion of Customer Base and Increased Usage by Existing Customers: Figma is seeing consistent growth in its customer base and deeper engagement from existing users. The company added over 90,000 paid teams in Q2 and Q3 of 2025. Its net dollar retention (NDR) rate for paid customers spending over $10,000 in ARR rose to 136% in Q4 2025, indicating that existing customers are expanding their usage and spending more on the platform. A substantial portion of customers, over 70% by Q3 2025, are using three or more Figma products, and the company has seen a 27% quarter-over-quarter increase in multi-year customer deals in the same period. Figma estimates its total addressable market at $33 billion, highlighting significant untapped growth potential.
- International Market Expansion: International growth continues to be a strong driver for Figma. International revenue grew 45% year-over-year in Q4 2025, accounting for 54% of its quarterly revenue. Figma is making strategic global investments, including the planned opening of an India hub, and has expanded language support to include Korean and Brazilian Portuguese, broadening its accessibility and reach in diverse markets.
- Introduction of a Hybrid Monetization Model: Figma is transitioning its pricing structure to a hybrid model that monetizes both seats and credits, with AI consumption serving as a key meter. This shift from a purely seat-based model is expected to impact revenue positively, with the new pricing and packaging already contributing to full-year 2025 revenue growth. Beginning in March 2026, administrators can purchase AI credits through flexible subscription or pay-as-you-go options.
- Expansion into Broader Workflows and New User Personas: Figma's strategy extends beyond traditional design roles to encompass the entire software creation lifecycle, targeting developers, product managers, marketers, and other non-designers. Non-designers constituted two-thirds of Figma's 13 million monthly active users in March 2025. The company's Dev Mode facilitates the translation of designs into code, while new features like native Git integration, live code sync, and AI-generated design tokens are blurring the lines between design and development environments. The "Code to Canvas" integration with Anthropic's Claude models, launched in February 2026, further bridges the gap by allowing developers to push live code directly into Figma designs. Additionally, products like Figma Buzz are targeting brand and marketing teams, and Figma Slides is catering to product teams for presentations.
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Share Issuance
- Figma completed its Initial Public Offering (IPO) on July 31, 2025, raising $1.2 billion by selling shares at $33 each.
- The company itself directly received $412.5 million from the IPO by offering 12.47 million new shares.
- A one-time stock-based compensation expense of $975.7 million was recognized in the third quarter of 2025, primarily due to the IPO.
Inbound Investments
- Figma raised $250 million in its Series E funding round in 2021, led by Durable Capital Partners, at a $10 billion valuation.
- In May 2024, a tender offer valued the company at $12.5 billion, with investors such as Fidelity participating.
- Figma received a $1 billion breakup fee from Adobe in December 2023 after their proposed acquisition was terminated due to regulatory pressure.
Outbound Investments
- Figma made strategic acquisitions, including Payload and Weavy, to bolster its platform capabilities.
Capital Expenditures
- In March 2025, Figma announced plans to invest nearly $15 million in the expansion of its New York City office.
- For fiscal year 2025, Figma reported capital expenditures of $734 thousand.
- The company also incurred capitalized internal-use software development costs of $700 thousand for fiscal year 2025.
Peer Outperformance in Application Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 59.3% | 166.6% | 276.2% | TTMI 732% · FLEX 666% · JBL 401% |
| Semiconductor Materials & Equipment | 27 | 132.6% | 53.5% | 90.8% | AEHR 809% · AXTI 473% · KLAC 431% |
| Technology Distributors | 9 | 31.0% | 59.2% | 79.6% | CLMB 336% · AVT 161% · SNX 119% |
| Communications Equipment | 36 | 25.7% | 80.0% | 66.6% | AAOI 1200% · LITE 852% · ANET 744% |
| Electronic Components | 26 | 48.3% | 59.1% | 56.0% | CLS 3214% · BELFA 1274% · COHR 330% |
| Technology Hardware, Storage & Peripherals | 21 | 37.5% | 75.6% | 16.2% | DELL 1062% · STX 926% · SMCI 897% |
| Semiconductors | 55 | 33.0% | 17.1% | 15.6% | POET 1700% · MU 1231% · NVDA 903% |
| Internet Services & Infrastructure | 6 | 20.8% | 44.1% | 14.6% | DOCN 49% · GDDY 38% · VRSN 36% |
| Electronic Equipment & Instruments | 27 | -7.7% | 4.7% | -8.9% | PI 201% · OSIS 111% · NSSC 96% |
| IT Consulting & Other Services | 28 | -21.3% | -8.1% | -27.7% | CHRN 528321% · APLD 1128% · TSSI 636% |
| Application Software ← | 124 | -19.1% | -12.3% | -44.0% | VIDA 248900% · INLX 4900% · PLTR 585% |
| Systems Software | 68 | -5.3% | 11.5% | -56.1% | PAYS 427% · QNC 401% · ZETA 343% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 216.10 |
| Mkt Cap | 49.6 |
| Rev LTM | 7,181 |
| Op Inc LTM | 1,680 |
| FCF LTM | 2,365 |
| FCF 3Y Avg | 1,907 |
| CFO LTM | 2,448 |
| CFO 3Y Avg | 1,994 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.9% |
| Rev Chg 3Y Avg | 14.4% |
| Rev Chg Q | 16.9% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 29.5% |
| Op Mgn LTM | 25.8% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 38.6% |
| CFO/Rev 3Y Avg | 38.8% |
| FCF/Rev LTM | 28.1% |
| FCF/Rev 3Y Avg | 27.5% |
Price Behavior
| Market Price | $25.22 | |
| Market Cap ($ Bil) | 13.3 | |
| First Trading Date | 07/31/2025 | |
| Distance from 52W High | -64.5% | |
| 50 Days | 200 Days | |
| DMA Price | $53.27 | $75.26 |
| DMA Trend | down | up |
| Distance from DMA | -52.7% | -66.5% |
| 3M | 1YR | |
| Volatility | 86.9% | 81.4% |
| Downside Capture | -46.24 | 229.18 |
| Upside Capture | 10.40 | 64.74 |
| Correlation (SPY) | 3.0% | 19.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.84 | 0.59 | 0.33 | 0.51 | 1.31 | 0.49 |
| Up Beta | 5.09 | 0.06 | 0.88 | 0.11 | 0.46 | 0.71 |
| Down Beta | -4.90 | -1.06 | 0.67 | 0.46 | 1.46 | -0.38 |
| Up Capture | 470% | 269% | 16% | 48% | 71% | 4% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 29 | 54 | 107 | 115 |
| Down Capture | 374% | -32% | -21% | 90% | 163% | 96% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 20 | 35 | 73 | 143 | 156 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIG | |
|---|---|---|---|---|
| FIG | -63.1% | 81.4% | -0.87 | - |
| Sector ETF (XLK) | 43.1% | 26.2% | 1.33 | 14.1% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 19.5% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | -1.1% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | -0.3% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 5.1% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 20.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIG | |
|---|---|---|---|---|
| FIG | -26.3% | 87.6% | -1.19 | - |
| Sector ETF (XLK) | 19.8% | 25.9% | 0.68 | 12.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 16.5% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | -1.4% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -0.2% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 2.2% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIG | |
|---|---|---|---|---|
| FIG | -14.1% | 87.6% | -1.19 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 12.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 16.5% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | -1.4% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | -0.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 2.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -14.8% | -15.6% | -10.4% |
| 5/14/2026 | 13.2% | 6.7% | -8.5% |
| 2/18/2026 | 6.9% | 29.1% | 0.1% |
| 11/5/2025 | 4.5% | -0.0% | -14.5% |
| 9/3/2025 | -19.9% | -25.1% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 3 | 2 | 1 |
| # Negative | 2 | 3 | 4 |
| Median Positive | 6.9% | 17.9% | 0.1% |
| Median Negative | -17.4% | -15.6% | -12.4% |
| Max Positive | 13.2% | 29.1% | 0.1% |
| Max Negative | -19.9% | -25.1% | -23.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -14.8% | -15.6% | -10.4% |
| 5/14/2026 | 13.2% | 6.7% | -8.5% |
| 2/18/2026 | 6.9% | 29.1% | 0.1% |
| 11/5/2025 | 4.5% | -0.0% | -14.5% |
| 9/3/2025 | -19.9% | -25.1% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 3 | 2 | 1 |
| # Negative | 2 | 3 | 4 |
| Median Positive | 6.9% | 17.9% | 0.1% |
| Median Negative | -17.4% | -15.6% | -12.4% |
| Max Positive | 13.2% | 29.1% | 0.1% |
| Max Negative | -19.9% | -25.1% | -23.8% |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 373.00 Mil | 374.00 Mil | 375.00 Mil | ||||
| 2026 Revenue | Reported | 1.46 Bil | 1.47 Bil | 1.47 Bil | 2.8% | Raised | Guidance: 1.43 Bil for 2026 | |
| 2026 Non-GAAP Operating Income | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | 0 | Affirmed | Guidance: 130.00 Mil for 2026 | |
| 2026 Non-GAAP Operating Margin | Reported | 9.0% | ||||||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 348.00 Mil | 349.00 Mil | 350.00 Mil | 10.4% | Higher New | Guidance: 316.00 Mil for Q1 2026 | |
| 2026 Revenue | Reported | 1.42 Bil | 1.43 Bil | 1.43 Bil | 4.0% | Raised | Guidance: 1.37 Bil for 2026 | |
| 2026 Non-GAAP Operating Income | Reported | 125.00 Mil | 130.00 Mil | 135.00 Mil | 23.8% | Raised | Guidance: 105.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 315.00 Mil | 316.00 Mil | 317.00 Mil | 7.8% | Higher New | Guidance: 293.00 Mil for Q4 2025 | |
| 2026 Revenue | Reported | 1.37 Bil | 1.37 Bil | 1.37 Bil | 31.1% | Higher New | Guidance: 1.04 Bil for 2025 | |
| 2026 Non-GAAP Operating Income | Reported | 100.00 Mil | 105.00 Mil | 110.00 Mil | -8.3% | Lower New | Guidance: 114.50 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 292.00 Mil | 293.00 Mil | 294.00 Mil | ||||
| 2025 Revenue | Reported | 1.04 Bil | 1.04 Bil | 1.05 Bil | 2.2% | Raised | Guidance: 1.02 Bil for 2025 | |
| 2025 Non-GAAP operating income | Reported | 112.00 Mil | 114.50 Mil | 117.00 Mil | 23.1% | Raised | Guidance: 93.00 Mil for 2025 | |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 9012026 | 29.79 | 211,599 | 6,304,220 | 21,688,051 | Form |
| 2 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8312026 | 30.00 | 2,000 | 60,000 | 7,579,200 | Form |
| 3 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8252026 | 27.14 | 1,840 | 49,938 | 6,910,930 | Form |
| 4 | Rimer, Daniel H | Yucca Jersey SLP | Sell | 8122026 | 25.39 | 12,475 | 316,740 | 19,974,313 | Form | |
| 5 | Index, Ventures VI (jersey) LP | Yucca Jersey SLP | Sell | 8122026 | 25.39 | 12,475 | 316,740 | 19,974,313 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 9012026 | 29.79 | 211,599 | 6,304,220 | 21,688,051 | Form |
| 2 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8312026 | 30.00 | 2,000 | 60,000 | 7,579,200 | Form |
| 3 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8252026 | 27.14 | 1,840 | 49,938 | 6,910,930 | Form |
| 4 | Rimer, Daniel H | Yucca Jersey SLP | Sell | 8122026 | 25.39 | 12,475 | 316,740 | 19,974,313 | Form | |
| 5 | Index, Ventures VI (jersey) LP | Yucca Jersey SLP | Sell | 8122026 | 25.39 | 12,475 | 316,740 | 19,974,313 | Form | |
| 6 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 8062026 | 27.91 | 30,000 | 837,183 | 47,401,860 | Form |
| 7 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 8062026 | 26.63 | 12,825 | 341,543 | 46,034,945 | Form |
| 8 | Rasmussen, Kris | Former Chief Technology Off. | Direct | Sell | 8062026 | 25.53 | 196,397 | 5,014,389 | 235,776,552 | Form |
| 9 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 8062026 | 26.63 | 40,000 | 1,065,314 | 44,597,889 | Form |
| 10 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8062026 | 26.00 | 709 | 18,434 | 6,668,480 | Form |
| 11 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 8042026 | 26.00 | 1,536 | 39,936 | 6,686,914 | Form |
| 12 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 7312026 | 25.00 | 18,213 | 455,385 | 23,792,415 | Form |
| 13 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 7312026 | 25.07 | 261,301 | 6,550,450 | 237,974,866 | Form |
| 14 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 7312026 | 25.13 | 381,288 | 9,581,424 | 43,365,690 | Form |
| 15 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 7162026 | 23.92 | 11,219 | 268,374 | 41,945,051 | Form |
| 16 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 7082026 | 20.48 | 30,460 | 623,894 | 35,056,160 | Form |
| 17 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 7082026 | 20.62 | 8,629 | 177,911 | 36,383,654 | Form |
| 18 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 6052026 | 23.01 | 87,510 | 2,013,749 | 40,992,473 | Form |
| 19 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 6052026 | 22.77 | 83,974 | 1,911,907 | 39,821,503 | Form |
| 20 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 6032026 | 26.40 | 1,850 | 48,840 | 6,954,684 | Form |
| 21 | Field, Dylan | President & CEO | Trust | Sell | 6022026 | 25.02 | 174,430 | Form | ||
| 22 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 5212026 | 25.04 | 18,741 | 469,286 | 24,739,762 | Form |
| 23 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 5212026 | 25.07 | 327,046 | 8,199,501 | 244,985,912 | Form |
| 24 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 5202026 | 23.79 | 669 | 15,916 | 6,347,743 | Form |
| 25 | Index, Ventures VI (jersey) LP | Yucca Jersey SLP | Sell | 5202026 | 24.36 | 12,475 | 303,891 | 20,031,837 | Form | |
| 26 | Rimer, Daniel H | Yucca Jersey SLP | Sell | 5202026 | 24.36 | 12,475 | 303,891 | 20,031,837 | Form | |
| 27 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 3182026 | 26.30 | 4,817 | 126,687 | 21,714,437 | Form |
| 28 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 3052026 | 28.30 | 4,817 | 136,303 | 23,498,974 | Form |
| 29 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 3052026 | 29.80 | 179,331 | 5,344,928 | 303,090,508 | Form |
| 30 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 3052026 | 28.47 | 1,678 | 47,773 | 5,378,353 | Form |
| 31 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 3022026 | 32.00 | 1,492 | 47,744 | 6,174,144 | Form |
| 32 | Field, Dylan | President & CEO | Direct | Sell | 3022026 | 30.80 | 250,000 | Form | ||
| 33 | Field, Dylan | President & CEO | Trust | Sell | 3022026 | 30.77 | 236,930 | Form | ||
| 34 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 2272026 | 30.00 | 8,554 | 256,620 | 47,405,430 | Form |
| 35 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 2272026 | 30.00 | 51,359 | 1,541,017 | 311,076,144 | Form |
| 36 | Reed, Andrew Phillips | SC Expansion Fund II Management, L.P. | Buy | 2242026 | 24.30 | 912,749 | 22,183,700 | 35,650,770 | Form | |
| 37 | Reed, Andrew Phillips | SC Expansion Fund II Management, L.P. | Buy | 2242026 | 25.90 | 554,103 | 14,353,373 | 14,353,373 | Form | |
| 38 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 2232026 | 26.00 | 1,492 | 38,792 | 5,055,284 | Form |
| 39 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 2232026 | 26.00 | 5,227 | 135,902 | 21,976,812 | Form |
| 40 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 2122026 | 25.00 | 5,227 | 130,675 | 21,262,225 | Form |
| 41 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 2122026 | 25.01 | 205,438 | 5,138,559 | 260,604,945 | Form |
| 42 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 2042026 | 24.86 | 74,305 | 1,847,397 | 264,146,181 | Form |
| 43 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 2042026 | 24.86 | 16,247 | 403,939 | 38,544,072 | Form |
| 44 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 2042026 | 24.86 | 3,828 | 95,173 | 39,499,657 | Form |
| 45 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 2042026 | 24.86 | 7,671 | 190,719 | 21,275,137 | Form |
| 46 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 2042026 | 24.86 | 2,232 | 55,493 | 4,871,196 | Form |
| 47 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 1202026 | 32.02 | 5,666 | 181,399 | 27,641,594 | Form |
| 48 | Field, Dylan | President & CEO | Direct | Sell | 1162026 | 32.63 | 250,000 | Form | ||
| 49 | Field, Dylan | President & CEO | See footnote | Sell | 1162026 | 32.63 | 62,500 | Form | ||
| 50 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 1062026 | 37.15 | 2,840 | 105,519 | 7,362,446 | Form |
| 51 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 1062026 | 37.24 | 8,449 | 314,664 | 59,311,456 | Form |
| 52 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 1062026 | 37.25 | 181,345 | 6,755,172 | 398,528,790 | Form |
| 53 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 1062026 | 37.25 | 5,666 | 211,046 | 32,370,350 | Form |
| 54 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 1062026 | 37.21 | 2,408 | 89,597 | 7,478,709 | Form |
| 55 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 1062026 | 37.21 | 3,933 | 146,338 | 59,569,975 | Form |
| 56 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 1062026 | 37.21 | 14,252 | 530,285 | 404,820,255 | Form |
| 57 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 1062026 | 37.21 | 11,880 | 442,028 | 58,287,631 | Form |
| 58 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 1062026 | 37.21 | 6,793 | 252,752 | 32,546,297 | Form |
| 59 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 12292025 | 40.01 | 12,714 | 508,727 | 63,157,677 | Form |
| 60 | Melwani, Praveer | CFO and Treasurer | APM33, LLC | Sell | 12292025 | 40.01 | 11,137 | 445,626 | 4,736,071 | Form |
| 61 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 12172025 | 34.65 | 4,392 | 152,200 | 30,547,861 | Form |
| 62 | Field, Dylan | President & CEO | Direct | Sell | 12172025 | 34.66 | 250,000 | Form | ||
| 63 | Field, Dylan | President & CEO | See footnote | Sell | 12172025 | 34.66 | 62,500 | Form | ||
| 64 | Radakovich, Lynn Vojvodich | Direct | Sell | 12172025 | 34.64 | 15,124 | 523,850 | 2,507,512 | Form | |
| 65 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 12052025 | 36.71 | 177,387 | 6,512,168 | 399,945,598 | Form |
| 66 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 12052025 | 36.68 | 4,392 | 161,113 | 32,497,801 | Form |
| 67 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 12052025 | 36.68 | 6,305 | 231,239 | 58,862,072 | Form |
| 68 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 12052025 | 36.60 | 2,310 | 84,539 | 7,444,017 | Form |
| 69 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 12032025 | 35.45 | 18,211 | 645,545 | 392,468,318 | Form |
| 70 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 12032025 | 35.45 | 3,073 | 108,932 | 7,292,241 | Form |
| 71 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 12032025 | 35.45 | 9,343 | 331,192 | 31,559,302 | Form |
| 72 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 12032025 | 35.45 | 6,076 | 215,383 | 57,115,751 | Form |
| 73 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 12032025 | 35.45 | 15,781 | 559,406 | 56,402,854 | Form |
| 74 | Field, Dylan | President & CEO | Direct | Sell | 11262025 | 34.76 | 250,000 | Form | ||
| 75 | Field, Dylan | President & CEO | See footnote | Sell | 11262025 | 34.76 | 62,500 | Form | ||
| 76 | Field, Dylan | President & CEO | Direct | Sell | 11192025 | 37.30 | 3,029,063 | Form | ||
| 77 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 11192025 | 37.29 | 4,299 | 160,329 | 33,551,591 | Form |
| 78 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 11192025 | 38.21 | 757 | 28,925 | 7,977,828 | Form |
| 79 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 11132025 | 45.00 | 10,000 | 450,000 | 72,581,310 | Form |
| 80 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 11132025 | 45.03 | 31,715 | 1,428,085 | 499,361,213 | Form |
| 81 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 11132025 | 45.00 | 10,000 | 450,000 | 40,643,145 | Form |
| 82 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 11132025 | 43.39 | 403,335 | 17,499,904 | 70,172,562 | Form |
| 83 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 11132025 | 43.47 | 14,532 | 631,651 | 70,542,078 | Form |
| 84 | Melwani, Praveer | CFO and Treasurer | APM33, LLC | Sell | 11132025 | 43.46 | 13,000 | 565,011 | 5,628,378 | Form |
| 85 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 11132025 | 43.47 | 272,789 | 11,857,002 | 483,407,825 | Form |
| 86 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 11132025 | 43.47 | 80,934 | 3,517,940 | 39,693,031 | Form |
| 87 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 11132025 | 43.93 | 43,357 | 1,904,777 | 9,172,604 | Form |
| 88 | Rasmussen, Kris | Chief Technology Officer | Direct | Sell | 11052025 | 48.17 | 73,738 | 3,552,055 | 548,137,321 | Form |
| 89 | Voskanian, Shaunt | Chief Revenue Officer | Direct | Sell | 11052025 | 48.17 | 26,741 | 1,288,149 | 77,212,139 | Form |
| 90 | Herb, Tyler | Chief Accounting Officer | Direct | Sell | 11052025 | 48.17 | 3,133 | 150,921 | 10,890,905 | Form |
| 91 | Mulligan, Brendan | General Counsel and Secretary | Direct | Sell | 11052025 | 48.17 | 9,526 | 458,880 | 45,159,630 | Form |
| 92 | Melwani, Praveer | CFO and Treasurer | Direct | Sell | 11052025 | 48.17 | 16,092 | 775,173 | 78,878,095 | Form |
Investor Activity (13F)
Updated Sep 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Index Venture Associates VI Ltd | $1.2 Bil | 57.8% | 3 | Hold | 13F |
| Thrive Capital Management, LLC | $92.9 Mil | 27.0% | 5 | Hold | 13F |
| a16z Capital Management, L.L.C. | $338.5 Mil | 26.2% | 16 | Hold | 13F |
| SC US (TTGP), LTD. | $565.0 Mil | 6.1% | 36 | ADD +5.8% | 13F |
| Westerly Capital Management, LLC | $5.3 Mil | 1.6% | 36 | New | 13F |
| Greenoaks Capital Partners LLC | $31.7 Mil | 1.4% | 10 | TRIM -52.1% | 13F |
| SurgoCap Partners LP | $39.5 Mil | 1.3% | 14 | Hold | 13F |
| Madrone Advisors, LLC | $11.4 Mil | 1.1% | 5 | Hold | 13F |
| Crosslink Capital Inc | $10.9 Mil | 1.1% | 21 | New | 13F |
| XN LP | $7.6 Mil | 0.3% | 23 | TRIM -33.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| HRTG Gpe, LLC | $146.4 Mil | 18.6% | 5 | Exited | Dec 31, 2025 | 13F |
| Durable Capital Partners LP | $64.5 Mil | 0.6% | 40 | Exited | Dec 31, 2025 | 13F |
| Headwater Capital Co Ltd | $19.4 Mil | 4.0% | 17 | Exited | Dec 31, 2025 | 13F |
| Dragoneer Investment Group, LLC | $16.1 Mil | 0.4% | 27 | Exited | Dec 31, 2025 | 13F |
| Greenoaks Capital Partners LLC | $31.7 Mil | 1.4% | 10 | TRIM -52.1% | Mar 31, 2026 | 13F |
| XN LP | $7.6 Mil | 0.3% | 23 | TRIM -33.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Index Venture Associates VI Ltd | $1.2 Bil | 57.8% | 3 | Hold | 13F |
| SC US (TTGP), LTD. | $565.0 Mil | 6.1% | 36 | ADD +5.8% | 13F |
| a16z Capital Management, L.L.C. | $338.5 Mil | 26.2% | 16 | Hold | 13F |
| Thrive Capital Management, LLC | $92.9 Mil | 27.0% | 5 | Hold | 13F |
| SurgoCap Partners LP | $39.5 Mil | 1.3% | 14 | Hold | 13F |
| Greenoaks Capital Partners LLC | $31.7 Mil | 1.4% | 10 | TRIM -52.1% | 13F |
| Madrone Advisors, LLC | $11.4 Mil | 1.1% | 5 | Hold | 13F |
| Crosslink Capital Inc | $10.9 Mil | 1.1% | 21 | New | 13F |
| XN LP | $7.6 Mil | 0.3% | 23 | TRIM -33.8% | 13F |
| Westerly Capital Management, LLC | $5.3 Mil | 1.6% | 36 | New | 13F |
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Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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