Raymond James Financial Inc. Purchases New Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Raymond James Financial Inc. purchased a new stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 940,168 shares of the company’s stock, valued at approximately $14,479,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC raised its holdings in SoFi Technologies by 727.1% during the 4th quarter. FNY Investment Advisers LLC now owns 2,167 shares of the company’s stock valued at $33,000 after buying an additional 1,905 shares during the last quarter. Brooklyn Investment Group purchased a new position in SoFi Technologies during the 3rd quarter valued at $28,000. AdvisorNet Financial Inc increased its position in SoFi Technologies by 63.5% during the 4th quarter. AdvisorNet Financial Inc now owns 5,486 shares of the company’s stock valued at $84,000 after purchasing an additional 2,130 shares during the period. SOA Wealth Advisors LLC. increased its position in SoFi Technologies by 33.1% during the 4th quarter. SOA Wealth Advisors LLC. now owns 5,634 shares of the company’s stock valued at $87,000 after purchasing an additional 1,400 shares during the period. Finally, GAMMA Investing LLC increased its position in SoFi Technologies by 40.3% during the 4th quarter. GAMMA Investing LLC now owns 5,925 shares of the company’s stock valued at $91,000 after purchasing an additional 1,703 shares during the period. 38.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SoFi Technologies

In other news, EVP Kelli Keough sold 8,914 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $17.58, for a total value of $156,708.12. Following the transaction, the executive vice president now owns 178,811 shares in the company, valued at $3,143,497.38. This represents a 4.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jeremy Rishel sold 64,991 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $15.72, for a total transaction of $1,021,658.52. Following the completion of the transaction, the chief technology officer now owns 586,494 shares in the company, valued at $9,219,685.68. This trade represents a 9.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,004 shares of company stock worth $1,459,060. Company insiders own 2.60% of the company’s stock.

SoFi Technologies Stock Performance

Shares of SoFi Technologies stock opened at $11.95 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.49 and a quick ratio of 0.18. The stock has a market cap of $13.10 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 2.24 and a beta of 1.79. The firm’s 50-day moving average is $14.77 and its 200 day moving average is $12.94. SoFi Technologies, Inc. has a 1 year low of $6.01 and a 1 year high of $18.42.

SoFi Technologies (NASDAQ:SOFI) last posted its earnings results on Monday, January 27th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 18.64% and a return on equity of 3.82%. During the same quarter in the previous year, the company posted $0.04 EPS. Sell-side analysts anticipate that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SOFI. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $8.00 price objective (up from $7.00) on shares of SoFi Technologies in a research report on Thursday, January 2nd. Dbs Bank raised shares of SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. boosted their price objective on shares of SoFi Technologies from $9.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Needham & Company LLC upped their target price on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Finally, William Blair reaffirmed an “outperform” rating on shares of SoFi Technologies in a research report on Friday, January 24th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $12.50.

About SoFi Technologies

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.