DAVENPORT & Co LLC Cuts Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

DAVENPORT & Co LLC cut its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 97.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 52,085 shares of the company’s stock after selling 2,023,036 shares during the period. DAVENPORT & Co LLC’s holdings in SoFi Technologies were worth $802,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Hanseatic Management Services Inc. acquired a new position in shares of SoFi Technologies in the 4th quarter valued at $1,116,000. Charles Schwab Investment Management Inc. raised its position in shares of SoFi Technologies by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock worth $48,306,000 after buying an additional 87,097 shares during the period. Zacks Investment Management acquired a new position in SoFi Technologies in the third quarter valued at $3,766,000. Citizens Financial Group Inc. RI grew its position in SoFi Technologies by 41.5% during the third quarter. Citizens Financial Group Inc. RI now owns 240,735 shares of the company’s stock valued at $1,892,000 after acquiring an additional 70,603 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in SoFi Technologies by 214.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after acquiring an additional 2,688,847 shares during the period. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

SoFi Technologies Stock Performance

NASDAQ:SOFI opened at $14.80 on Friday. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $18.42. The stock has a market cap of $16.06 billion, a P/E ratio of 40.00, a PEG ratio of 2.12 and a beta of 1.78. 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 firm has a 50-day moving average of $15.79 and a two-hundred day moving average of $11.55.

SoFi Technologies (NASDAQ:SOFI) last issued its quarterly earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a return on equity of 3.82% and a net margin of 18.64%. During the same period in the prior year, the company earned $0.04 earnings per share. On average, research analysts expect that SoFi Technologies, Inc. will post 0.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Mizuho lifted their price target on shares of SoFi Technologies from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. William Blair reiterated an “outperform” rating on shares of SoFi Technologies in a research note on Friday, January 24th. Jefferies Financial Group raised their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Finally, Bank of America reaffirmed an “underperform” rating and set a $12.00 price target on shares of SoFi Technologies in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of “Hold” and a consensus price target of $12.50.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kelli Keough sold 9,590 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $14.56, for a total value of $139,630.40. Following the transaction, the executive vice president now directly owns 142,613 shares in the company, valued at approximately $2,076,445.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,008,870 shares of company stock valued at $416,950,073. 2.60% of the stock is currently owned by corporate insiders.

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.