Sumitomo Mitsui Trust Group Inc. Has $78.96 Million Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 12.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 10,046,261 shares of the company’s stock after selling 1,411,679 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in SoFi Technologies were worth $78,964,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in SOFI. Capital Performance Advisors LLP acquired a new position in shares of SoFi Technologies during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC raised its position in shares of SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock valued at $29,000 after buying an additional 1,543 shares during the last quarter. GAMMA Investing LLC raised its position in shares of SoFi Technologies by 65.3% during the second quarter. GAMMA Investing LLC now owns 5,017 shares of the company’s stock valued at $33,000 after buying an additional 1,981 shares during the last quarter. Waldron Private Wealth LLC acquired a new position in shares of SoFi Technologies during the third quarter valued at about $39,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new position in shares of SoFi Technologies during the third quarter valued at about $47,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Price Performance

Shares of SoFi Technologies stock opened at $13.40 on Friday. The company has a current ratio of 0.49, a quick ratio of 0.21 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 134.01, a P/E/G ratio of 2.30 and a beta of 1.60. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $14.44. The firm’s 50-day moving average price is $9.57 and its two-hundred day moving average price is $7.89.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The business had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. SoFi Technologies’s revenue was up 29.8% compared to the same quarter last year. On average, equities analysts predict that SoFi Technologies, Inc. will post 0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Jefferies Financial Group upped 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. The Goldman Sachs Group upped their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their target price on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Barclays upped their target price on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Citigroup cut shares of SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, SoFi Technologies presently has an average rating of “Hold” and a consensus target price of $9.32.

Insider Activity

In other news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at $4,234,620.60. This represents a 11.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kelli Keough sold 9,308 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,636 shares of company stock valued at $904,677 over the last three months. 2.60% of the stock is owned by insiders.

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.