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

State Street Corp increased its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 1.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 18,062,855 shares of the company’s stock after buying an additional 310,532 shares during the period. State Street Corp’s holdings in SoFi Technologies were worth $141,974,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new position in shares of SoFi Technologies during the 3rd quarter worth $27,000. Brooklyn Investment Group purchased a new position in shares of SoFi Technologies during the 3rd quarter worth $28,000. Allspring Global Investments Holdings LLC boosted its stake in shares of SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after acquiring an additional 1,543 shares during the last quarter. Waldron Private Wealth LLC purchased a new position in shares of SoFi Technologies during the 3rd quarter worth $39,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in shares of SoFi Technologies during the 3rd quarter worth $47,000. Hedge funds and other institutional investors own 38.43% of the company’s stock.

Insider Buying and Selling at SoFi Technologies

In other news, CTO Jeremy Rishel sold 68,081 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This represents a 11.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Iv (Gp) L.L.C. Slta sold 24,105,908 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $16.03, for a total transaction of $386,417,705.24. The disclosure for this sale can be found here. Insiders sold a total of 26,012,748 shares of company stock valued at $416,356,356 in the last three months. Company insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SOFI shares. Mizuho lifted 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. Barclays lifted their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Needham & Company LLC lifted their price target on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, Bank of America reiterated an “underperform” rating and issued a $12.00 price target on shares of SoFi Technologies in a report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies presently has an average rating of “Hold” and a consensus price target of $10.50.

SoFi Technologies Price Performance

SOFI stock opened at $16.25 on Friday. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $16.61. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $12.83 and a 200 day moving average price of $9.12. The stock has a market cap of $17.63 billion, a PE ratio of 162.52, a P/E/G ratio of 2.65 and a beta of 1.77.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) 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 analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) EPS. Equities research analysts anticipate that SoFi Technologies, Inc. will post 0.12 earnings per share for the current year.

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.