Norges Bank Makes New $103.68 Million Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Norges Bank purchased a new stake in SoFi Technologies, Inc. (NASDAQ:SOFI) in the 4th quarter, Holdings Channel.com reports. The fund purchased 6,732,360 shares of the company’s stock, valued at approximately $103,678,000.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in SoFi Technologies by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock valued at $1,514,390,000 after purchasing an additional 8,898,879 shares during the last quarter. Amundi increased its stake in shares of SoFi Technologies by 58,176.3% during the 4th quarter. Amundi now owns 2,705,185 shares of the company’s stock valued at $39,360,000 after acquiring an additional 2,700,543 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of SoFi Technologies during the 3rd quarter worth about $16,014,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of SoFi Technologies by 123.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,740,628 shares of the company’s stock worth $40,671,000 after acquiring an additional 1,512,326 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in SoFi Technologies in the fourth quarter valued at approximately $14,479,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,625 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $12.64, for a total transaction of $867,420.00. Following the sale, the chief technology officer now owns 655,118 shares in the company, valued at $8,280,691.52. This represents a 9.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kelli Keough sold 8,914 shares of SoFi Technologies stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $17.58, for a total value of $156,708.12. Following the completion of the transaction, the executive vice president now owns 178,811 shares of the company’s stock, valued at approximately $3,143,497.38. The trade was a 4.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,905 shares of company stock valued at $1,308,075. Insiders own 2.60% of the company’s stock.

SoFi Technologies Trading Up 2.4 %

NASDAQ:SOFI opened at $11.91 on Wednesday. SoFi Technologies, Inc. has a one year low of $6.01 and a one year high of $18.42. The business’s 50-day simple moving average is $14.20 and its 200 day simple moving average is $13.31. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.18 and a current ratio of 0.49. The stock has a market cap of $13.06 billion, a price-to-earnings ratio of 32.19, a price-to-earnings-growth ratio of 2.24 and a beta of 1.79.

SoFi Technologies (NASDAQ:SOFI) last released its earnings results on Monday, January 27th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 quarter in the previous year, the company posted $0.04 earnings per share. As a group, sell-side analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SOFI shares. Needham & Company LLC increased their price target on shares of SoFi Technologies from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Dbs Bank raised SoFi Technologies to a “strong-buy” rating in a research report on Friday, February 21st. Citigroup upped their price target on SoFi Technologies from $12.50 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Morgan Stanley boosted their target price on SoFi Technologies from $7.50 to $13.00 and gave the stock an “underweight” rating in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and issued a $8.00 price target (up previously from $7.00) on shares of SoFi Technologies in a report on Thursday, January 2nd. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.