SoFi Technologies (NASDAQ:SOFI) Price Target Raised to $8.50

SoFi Technologies (NASDAQ:SOFI) had its price target lifted by The Goldman Sachs Group from $7.50 to $8.50 in a research note published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on SOFI. Keefe, Bruyette & Woods cut their price target on shares of SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Barclays increased their price target on shares of SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Wednesday. Needham & Company LLC increased their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group increased their price objective on shares of SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday. 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 given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.32.

SoFi Technologies Stock Performance

Shares of SOFI opened at $11.04 on Wednesday. The company has a 50-day simple moving average of $8.67 and a 200-day simple moving average of $7.56. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $11.77 billion, a PE ratio of 110.41, a P/E/G ratio of 1.89 and a beta of 1.70. SoFi Technologies has a 52-week low of $6.01 and a 52-week high of $11.50.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.79%. The business’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. Equities research analysts predict that SoFi Technologies will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,290,472.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares of the company’s stock, valued at approximately $4,234,620.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kelli Keough sold 9,308 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the completion of the sale, the executive vice president now directly owns 161,511 shares in the company, valued at $1,290,472.89. This represents a 0.00 % 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 in the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Several hedge funds have recently modified their holdings of SOFI. Diversified Trust Co boosted its position in shares of 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 acquiring an additional 6,880 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of SoFi Technologies by 176.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after acquiring an additional 6,870,610 shares during the last quarter. Kovack Advisors Inc. boosted its position in shares of SoFi Technologies by 6.4% in the first quarter. Kovack Advisors Inc. now owns 125,315 shares of the company’s stock worth $915,000 after acquiring an additional 7,502 shares during the last quarter. Marshall Financial Group LLC purchased a new position in SoFi Technologies in the first quarter valued at approximately $89,000. Finally, Kesler Norman & Wride LLC purchased a new position in SoFi Technologies in the first quarter valued at approximately $80,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Company 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.