State Street Corp Boosts Stock Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

State Street Corp lifted its position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,062,855 shares of the company’s stock after purchasing an additional 310,532 shares during the period. State Street Corp owned 1.69% of SoFi Technologies worth $141,974,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SOFI. Capital Performance Advisors LLP purchased a new stake in shares of SoFi Technologies during the third quarter worth about $27,000. Brooklyn Investment Group purchased a new stake in shares of SoFi Technologies during the third quarter worth about $28,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after purchasing an additional 1,543 shares during the period. Waldron Private Wealth LLC purchased a new stake in shares of SoFi Technologies during the third quarter worth about $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of SoFi Technologies during the third quarter worth about $47,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SoFi Technologies

In related news, Director Bashir Ruzwana sold 52,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $16.02, for a total transaction of $833,040.00. Following the completion of the sale, the director now owns 25,937 shares of the company’s stock, valued at $415,510.74. This trade represents a 66.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,012,748 shares of company stock valued at $416,356,356 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

SoFi Technologies Price Performance

Shares of NASDAQ SOFI opened at $16.25 on Friday. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $16.61. The company has a 50 day simple moving average of $12.83 and a two-hundred day simple moving average of $9.12. The company has a market capitalization of $17.63 billion, a price-to-earnings ratio of 162.52, a P/E/G ratio of 2.65 and a beta of 1.77. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. Analysts expect that SoFi Technologies, Inc. will post 0.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SOFI has been the subject of a number of analyst reports. The Goldman Sachs Group increased their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Barclays increased their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Needham & Company LLC increased their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Mizuho increased their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, Citigroup downgraded shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $10.50.

SoFi Technologies Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.