SoFi Technologies, Inc. (NASDAQ:SOFI) Stock Holdings Cut by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 66.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,626,652 shares of the company’s stock after selling 5,106,191 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of SoFi Technologies worth $30,548,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SOFI. Vanguard Group Inc. grew its holdings in shares of SoFi Technologies by 9.9% in the 4th quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after acquiring an additional 8,898,879 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in shares of SoFi Technologies in the fourth quarter valued at $299,980,000. Geode Capital Management LLC boosted its position in shares of SoFi Technologies by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock worth $276,288,000 after buying an additional 315,899 shares during the period. Norges Bank acquired a new stake in shares of SoFi Technologies in the fourth quarter worth $103,678,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of SoFi Technologies by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,313,617 shares of the company’s stock valued at $97,230,000 after buying an additional 167,780 shares in the last quarter. Institutional investors own 38.43% of the company’s stock.

Wall Street Analyst Weigh In

SOFI has been the subject of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of SoFi Technologies in a research report on Wednesday, April 30th. UBS Group increased their price target on shares of SoFi Technologies from $14.00 to $15.50 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Stephens started coverage on shares of SoFi Technologies in a research report on Thursday, June 12th. They set an “overweight” rating and a $20.00 price objective on the stock. Citizens Jmp started coverage on shares of SoFi Technologies in a research note on Friday, April 25th. They issued an “outperform” rating and a $17.00 price objective on the stock. Finally, Barclays increased their target price on shares of SoFi Technologies from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.73.

SoFi Technologies Price Performance

Shares of NASDAQ:SOFI opened at $18.12 on Thursday. The stock has a market capitalization of $20.03 billion, a P/E ratio of 44.20, a P/E/G ratio of 2.99 and a beta of 1.91. The business has a 50-day moving average of $14.16 and a two-hundred day moving average of $14.01. SoFi Technologies, Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $18.92. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The firm’s revenue was up 32.7% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the transaction, the chief technology officer owned 724,321 shares in the company, valued at $11,263,191.55. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Magdalena Yesil sold 87,140 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $14.39, for a total transaction of $1,253,944.60. Following the sale, the director owned 289,258 shares of the company’s stock, valued at $4,162,422.62. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 274,095 shares of company stock valued at $3,939,168. Company insiders own 2.60% of the company’s stock.

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.