Figma's stock plummeted 6.15% during the intraday session, experiencing a significant pullback.
The sharp decline followed a period of strong performance, where the stock had rallied over 30% after the company reported better-than-expected first-quarter results. The reversal was triggered by multiple investment banks, including Morgan Stanley and JPMorgan, lowering their price targets on the stock, which prompted profit-taking from investors.
Broader weakness in the application software sector also contributed to the downward pressure during the trading session.
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