New York, Feb 23, 2026, 19:28 EST — After-hours
- Figma shares dropped hard during Monday’s session, slipping further after hours.
- Two top executives disclosed stock sales in fresh SEC filings, each move made through pre-arranged trading plans.
- Broader software risk-off flows are in focus for traders, along with Figma’s AI pricing change from March.
Figma Inc (FIG) dropped $1.34, closing at $24.75 on Monday, down 5.1%. The stock edged down further, losing 0.3% to $24.68 after hours. Volume spiked—26.4 million shares traded, which is more than twice its three-month average.
U.S. stocks took a hit, with the Nasdaq sliding 1.13%, while software names dropped 4.3%. Investors faced renewed tariff jitters and questions swirling around AI’s impact on the sector. “The question about AI is twofold: How much is it going to cost, and who all is going to be disrupted?” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. Nvidia’s earnings are on deck for Wednesday. Reuters
Figma is pitching investors on an AI-powered future, even though expenses keep rising. Last week, the design software firm projected 2026 revenue of $1.36 billion to $1.37 billion—topping the $1.29 billion analysts had expected. The company is leaning hard on generative AI to help it carve out a space in a market long ruled by Adobe. “As AI gets better, Figma gets better,” CFO Praveer Melwani said to Reuters. He flagged stock-based pay and AI spending as ongoing cost headwinds. Figma went public in July 2025; shares have tumbled roughly 80% since then. Reuters
Chief Accounting Officer Herb Tyler unloaded 1,492 Class A shares at $26 apiece on Feb. 19, according to a regulatory filing posted Monday. After the sale, Tyler held 194,434 shares. The transaction, the form noted, took place under a Rule 10b5-1 plan he set up back on Aug. 5, 2025.
General Counsel and Secretary Brendan Mulligan disclosed in a separate Form 4 that he sold 5,227 shares at $26 apiece on Feb. 19, cutting his stake to 845,262 shares. The transaction was executed under a Rule 10b5-1 trading plan, according to the filing.
Rule 10b5-1 plans allow insiders to lock in future trades on a predetermined timeline, aiming to address worries about trading with access to private information. Still, when a stock is swinging wildly and liquidity remains in flux after an IPO, investor skepticism around insider sales often intensifies.
Figma is set to introduce a hybrid monetization model in March, layering AI credits—essentially, fees tied to AI usage—on top of existing seat subscriptions. “We will begin enforcing credit limits,” Melwani told Reuters. The company also aims to roll out add-on options for heavier users who hit those built-in caps. Executives have flagged rising costs tied to AI and broader operations, warning that these are likely to squeeze gross margins. Reuters
The next question boils down to this: will AI pricing boost revenue more quickly than it increases costs for computing, sales, and support? Adobe and its design rivals are all targeting the same budgets. Investors haven’t hesitated to hit software names showing any margin pressure.
But just because insiders have pre-scheduled sales, it doesn’t automatically mean there’s an issue. Broader market moves often overshadow what’s happening in one company. If traders keep pulling back from software stocks, even solid execution can get buried, and hesitation from clients over new AI fees would tack on extra uncertainty.
Tuesday brings a focus on FIG after Monday’s sharp drop, with traders eyeing any fresh insider filings. Looking ahead, Nvidia’s earnings on Wednesday and Figma’s plan to introduce AI credit limits in March stand out as the next events likely to influence sentiment.
