On July 27, Figma rose 5.35% in regular trading, trading at $22.3/share, with turnover of $29.24 million. The stock continues to benefit from broad sector momentum in AI application software names.

On the news front, SAP SE reported Q2 cloud revenue of 6.28 billion euros, up 24% year-over-year on a constant currency basis, exceeding the consensus estimate of 6.26 billion euros. Current cloud order backlog reached 22.9 billion euros, up 26% on a constant currency basis. The strong results have lifted the entire AI application software complex, with SAP gaining 5.71% and Palantir Technologies rising 3.68% in the current session.

Figma also benefits from favorable analyst sentiment. Bank of America recently initiated coverage with a Buy rating and a $30 price target, while Citigroup set a Buy rating with a $36 target. The consensus mean price target stands at $33.13 with an overweight average rating. The company is scheduled to report Q2 earnings on August 5 after market close, with consensus EPS estimated at -$0.22.

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