Sumitomo Mitsui Trust Group Inc. Sells 1,411,679 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 12.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,046,261 shares of the company's stock after selling 1,411,679 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.94% of SoFi Technologies worth $78,964,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Stratos Wealth Advisors LLC raised its holdings in SoFi Technologies by 3.3% during the third quarter. Stratos Wealth Advisors LLC now owns 32,610 shares of the company's stock worth $256,000 after buying an additional 1,054 shares during the last quarter. NBC Securities Inc. raised its holdings in shares of SoFi Technologies by 12.7% in the 3rd quarter. NBC Securities Inc. now owns 9,581 shares of the company's stock worth $75,000 after acquiring an additional 1,081 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in SoFi Technologies by 11.4% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 12,026 shares of the company's stock valued at $95,000 after acquiring an additional 1,226 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in SoFi Technologies by 55.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company's stock valued at $29,000 after purchasing an additional 1,543 shares during the last quarter. Finally, Pegasus Asset Management Inc. increased its holdings in SoFi Technologies by 1.4% during the 3rd quarter. Pegasus Asset Management Inc. now owns 112,951 shares of the company's stock worth $888,000 after purchasing an additional 1,607 shares in the last quarter. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Price Performance

Shares of SOFI stock traded up $0.23 during trading hours on Friday, reaching $13.63. The stock had a trading volume of 48,041,277 shares, compared to its average volume of 47,592,203. The stock's fifty day simple moving average is $9.70 and its 200 day simple moving average is $7.93. The firm has a market capitalization of $14.53 billion, a PE ratio of 136.30, a PEG ratio of 2.25 and a beta of 1.60. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $14.44. The company has a current ratio of 0.49, a quick ratio of 0.21 and a debt-to-equity ratio of 0.52.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm had revenue of $697.10 million during the quarter, compared to analyst estimates of $631.59 million. During the same period in the previous year, the business earned ($0.03) EPS. The business's revenue for the quarter was up 29.8% on a year-over-year basis. On average, equities research analysts predict that SoFi Technologies, Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the completion of the sale, the chief technology officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 24,939 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $7.26, for a total transaction of $181,057.14. Following the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. The trade was a 17.90 % 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 worth $904,677 in the last ninety days. 2.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SOFI. Citigroup lowered SoFi Technologies from a "strong-buy" rating to a "hold" rating in a report on Friday, October 18th. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Jefferies Financial Group upped their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, October 29th. The Goldman Sachs Group raised their price target on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Finally, Barclays upped their price objective on shares of SoFi Technologies from $8.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SoFi Technologies has a consensus rating of "Hold" and a consensus 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.