Figma, Inc. (FIG) shares got a nice lift Thursday after the collaborative design platform reported quarterly numbers that sailed past Wall Street's expectations and teased some interesting new AI capabilities.

The market liked what it saw: accelerating revenue growth, upbeat guidance, and signs that Figma's momentum isn't slowing down anytime soon. Investors are betting the company can keep converting its design-team popularity into actual revenue expansion.

Part of the excitement stems from Figma's deepening partnership with Anthropic, which just launched a feature called "Code to Canvas." The tool, first reported by CNBC on Tuesday, is designed to bridge the gap between AI-generated code and Figma's design workflow.

Here's how it works: developers can now take AI-produced interfaces and convert them into editable layouts directly inside the Figma canvas. Teams can tweak visual elements, compare different versions, and make design decisions together in a shared workspace. Figma seems to be positioning itself as the human-centered layer that sits on top of rapid AI coding tools, which is a smart move given how much AI-generated code needs refinement before it's ready for prime time.

The Numbers Look Good

Figma reported quarterly earnings of eight cents per share, beating the Street estimate of seven cents. Revenue came in at $303.78 million, comfortably ahead of the $293.15 million analyst consensus and up sharply from $216.95 million in the same quarter last year.

That's the kind of growth that gets investors excited, especially when it's paired with improving retention metrics and expanding customer accounts.

Wall Street Weighs In

RBC Capital Markets analyst Rishi Jaluria kept his Sector Perform rating but lowered his price target from $38 to $31. He highlighted net dollar retention climbing five points to 136%, which is a strong signal that existing customers are spending more. Jaluria also noted impressive momentum among large customers across multiple annual recurring revenue tiers.

Goldman Sachs maintained its Neutral rating while cutting its price target from $40 to $35. The firm raised its revenue projections for 2026, 2027, and 2028 to $1.374 billion, $1.643 billion, and $1.929 billion, respectively—up from prior estimates of $1.312 billion, $1.568 billion, and $1.848 billion.

Goldman pointed to robust adoption of Figma Make, with weekly active users surging 70% quarter over quarter. But the firm said it wants more clarity around how Figma plans to fully monetize its AI features. Goldman also noted that Figma will anniversary a pricing and packaging boost in the first quarter of 2026, while flagging potential upside from deeper penetration in large enterprise accounts, emerging AI revenue streams, or a new product cycle.

Piper Sandler analyst Billy Fitzsimmons kept his Overweight rating and $35 price target unchanged.

Wells Fargo analyst Michael Turrin maintained an Overweight rating but lowered his price forecast to $42 from $52. Meanwhile, Stifel analyst Parker Lane held onto a Hold rating and reduced his price target to $30 from $40.

FIG Price Action: Figma shares were up 2.79% at $24.86 at the time of publication on Thursday.