Sumitomo Mitsui Trust Holdings Inc. Raises Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 176.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,767,302 shares of the company’s stock after purchasing an additional 6,870,610 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 1.10% of SoFi Technologies worth $78,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. State of Michigan Retirement System purchased a new position in shares of SoFi Technologies in the 1st quarter worth approximately $7,300,000. Miracle Mile Advisors LLC boosted its stake in SoFi Technologies by 3.8% in the first quarter. Miracle Mile Advisors LLC now owns 81,350 shares of the company’s stock valued at $594,000 after acquiring an additional 3,000 shares in the last quarter. Diversified Trust Co grew its holdings in SoFi Technologies by 37.3% in the first quarter. Diversified Trust Co now owns 25,332 shares of the company’s stock worth $185,000 after purchasing an additional 6,880 shares during the last quarter. River Street Advisors LLC increased its position in shares of SoFi Technologies by 22.2% during the first quarter. River Street Advisors LLC now owns 43,282 shares of the company’s stock worth $316,000 after purchasing an additional 7,868 shares in the last quarter. Finally, KRS Capital Management LLC purchased a new stake in shares of SoFi Technologies during the 1st quarter valued at $83,000. 38.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Anthony Noto bought 28,900 shares of the stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other SoFi Technologies news, CEO Anthony Noto bought 28,900 shares of SoFi Technologies stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average cost of $6.92 per share, with a total value of $199,988.00. Following the purchase, the chief executive officer now directly owns 8,062,269 shares in the company, valued at approximately $55,790,901.48. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CTO Jeremy Rishel sold 56,273 shares of SoFi Technologies stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total transaction of $360,709.93. Following the completion of the sale, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The disclosure for this sale can be found here. Over the last three months, insiders have bought 88,390 shares of company stock valued at $597,569. Corporate insiders own 2.60% of the company’s stock.

SoFi Technologies Stock Performance

Shares of SOFI stock opened at $6.52 on Friday. SoFi Technologies, Inc. has a 52-week low of $6.20 and a 52-week high of $11.70. The company has a quick ratio of 0.24, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. The stock has a market cap of $6.89 billion, a PE ratio of -21.03, a price-to-earnings-growth ratio of 1.49 and a beta of 1.70. The business has a 50-day simple moving average of $6.86 and a 200-day simple moving average of $7.64.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Monday, April 29th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $580.60 million during the quarter, compared to the consensus estimate of $555.27 million. SoFi Technologies had a positive return on equity of 1.10% and a negative net margin of 8.21%. SoFi Technologies’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. On average, equities analysts expect that SoFi Technologies, Inc. will post 0.08 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SOFI. Jefferies Financial Group reduced their target price on SoFi Technologies from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, March 26th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of SoFi Technologies from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, April 30th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 target price on shares of SoFi Technologies in a research note on Tuesday. Citigroup started coverage on shares of SoFi Technologies in a research note on Monday, April 8th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Wedbush reiterated an “underperform” rating and set a $3.00 price objective on shares of SoFi Technologies in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $9.32.

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.