Maryland State Retirement & Pension System Reduces Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Maryland State Retirement & Pension System reduced its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 16.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,415 shares of the company’s stock after selling 9,487 shares during the period. Maryland State Retirement & Pension System’s holdings in SoFi Technologies were worth $575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in SoFi Technologies by 2.0% during the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company’s stock valued at $11,077,000 after purchasing an additional 14,281 shares in the last quarter. Russell Investments Group Ltd. lifted its position in SoFi Technologies by 5.6% during the fourth quarter. Russell Investments Group Ltd. now owns 52,564 shares of the company’s stock valued at $809,000 after purchasing an additional 2,774 shares in the last quarter. Federated Hermes Inc. purchased a new position in SoFi Technologies during the fourth quarter valued at $323,000. Invesco Ltd. lifted its position in SoFi Technologies by 84.7% during the fourth quarter. Invesco Ltd. now owns 1,408,801 shares of the company’s stock valued at $21,696,000 after purchasing an additional 645,994 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in SoFi Technologies during the fourth quarter valued at $14,479,000. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Trading Down 2.2%

SOFI opened at $23.29 on Friday. The firm has a market cap of $25.74 billion, a P/E ratio of 48.52, a P/E/G ratio of 2.95 and a beta of 1.93. SoFi Technologies, Inc. has a 12 month low of $6.69 and a 12 month high of $25.11. The company has a current ratio of 0.80, a quick ratio of 0.14 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average of $19.22 and a 200 day moving average of $15.21.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%. The business had revenue of $519.37 million during the quarter, compared to analyst estimates of $801.94 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The company’s revenue for the quarter was up 42.8% compared to the same quarter last year. As a group, research analysts forecast that SoFi Technologies, Inc. will post 0.26 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SOFI shares. Needham & Company LLC lifted their target price on SoFi Technologies from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Redburn Atlantic raised SoFi Technologies to a “hold” rating in a report on Friday, August 1st. Rothschild & Co Redburn began coverage on SoFi Technologies in a report on Friday, August 1st. They set a “neutral” rating and a $20.50 price target on the stock. Truist Financial set a $23.00 price target on SoFi Technologies in a report on Monday, August 4th. Finally, Keefe, Bruyette & Woods raised their price target on SoFi Technologies from $13.00 to $14.00 and gave the company an “underperform” rating in a report on Tuesday, August 5th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.29.

Insider Activity

In other news, Director Magdalena Yesil sold 87,140 shares of SoFi Technologies stock in a transaction that occurred on 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 completion of the sale, the director owned 289,258 shares of the company’s stock, valued at approximately $4,162,422.62. The trade was a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the sale, the chief technology officer directly owned 724,321 shares of the company’s stock, valued at $11,263,191.55. This represents a 8.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 273,181 shares of company stock valued at $4,043,240. Corporate insiders own 2.60% of the company’s stock.

SoFi Technologies Company 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.