New York, Feb 23, 2026, 19:28 EST — After-hours
- Figma shares fell sharply in Monday’s session and eased again after the bell.
- New SEC filings showed stock sales by two senior executives under pre-set trading plans.
- Traders are watching broader software risk-off moves and Figma’s March AI pricing shift.
Figma Inc (FIG) shares fell $1.34, or 5.1%, to $24.75 at the close on Monday and slipped 0.3% to $24.68 in after-hours trading. About 26.4 million shares changed hands, more than double the three-month average. (Investing)
The drop came on a rough day for U.S. stocks, with the Nasdaq off 1.13% and an index of software-related firms down 4.3% as investors weighed tariff uncertainty and fresh worries over who AI will disrupt. “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 is due to report results on Wednesday. (Reuters)
Figma is trying to sell investors on an AI-led growth story even as costs climb. The design software maker last week forecast 2026 revenue of $1.36 billion to $1.37 billion, above analysts’ $1.29 billion estimate, and positioned generative AI as a way to stand out in a market dominated by Adobe. CFO Praveer Melwani told Reuters that “as AI gets better, Figma gets better,” while pointing to stock-based compensation and AI investment as near-term cost pressure; Figma went public in July 2025, and the stock has fallen about 80% since its debut. (Reuters)
A regulatory filing on Monday showed Chief Accounting Officer Herb Tyler sold 1,492 Class A shares at $26 on Feb. 19. The sale left him with 194,434 shares, and the form said it was made under a Rule 10b5-1 plan adopted on Aug. 5, 2025. (SEC)
In a separate Form 4, General Counsel and Secretary Brendan Mulligan reported a sale of 5,227 shares at $26 on Feb. 19, leaving him with 845,262 shares. That filing also marked the sale as part of a Rule 10b5-1 plan. (SEC)
A Rule 10b5-1 plan lets insiders set up trades in advance on a preset schedule, a structure meant to reduce concerns about trading on non-public information. Even so, investors tend to scrutinize insider selling when a stock is already volatile and liquidity is still settling after an IPO.
Figma has said it will shift to a hybrid monetization model starting in March, selling AI credits — a usage-based fee for AI features — alongside seat subscriptions. “We will begin enforcing credit limits,” Melwani told Reuters, adding the company plans to sell add-ons for power users who run past embedded limits. Executives have also said AI and broader operating investments are pushing costs higher and will weigh on gross margins. (Reuters)
That leaves the next debate simple: does the AI pricing move lift revenue faster than it lifts the bill for computing, sales and support. Adobe and other design tools are chasing the same budgets, and investors have been quick to punish signs of margin strain across software.
But pre-scheduled insider sales do not always signal trouble, and the broader tape can matter more than any single filing. If the market keeps cutting exposure to software names, company-specific progress can get swamped, and customer pushback on new AI charges would add another risk line.
For Tuesday’s session, traders will watch whether FIG can stabilize after Monday’s break lower and whether more insider forms hit the tape. Beyond that, Nvidia’s results on Wednesday and Figma’s March rollout of AI credit limits are the next catalysts likely to steer sentiment.
