Sandy Spring Bank Sells 4,725 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Posted by Defense World Staff on Aug 8th, 2023

Sandy Spring Bank trimmed its position in SoFi Technologies, Inc. (NASDAQ:SOFI – Free Report) by 29.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,131 shares of the company’s stock after selling 4,725 shares during the quarter. Sandy Spring Bank’s holdings in SoFi Technologies were worth $68,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in SoFi Technologies by 7.8% in the third quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company’s stock valued at $326,027,000 after acquiring an additional 4,846,633 shares during the last quarter. BlackRock Inc. grew its stake in shares of SoFi Technologies by 2.7% during the third quarter. BlackRock Inc. now owns 31,679,161 shares of the company’s stock worth $154,595,000 after buying an additional 826,805 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in shares of SoFi Technologies during the fourth quarter worth $83,643,000. State Street Corp grew its stake in shares of SoFi Technologies by 0.4% during the third quarter. State Street Corp now owns 11,735,611 shares of the company’s stock worth $57,270,000 after buying an additional 48,717 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of SoFi Technologies by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 11,567,145 shares of the company’s stock worth $53,324,000 after buying an additional 589,623 shares during the last quarter. 32.73% of the stock is owned by institutional investors.

SoFi Technologies Stock Performance

Shares of NASDAQ SOFI opened at $9.39 on Tuesday. The firm’s 50-day moving average price is $8.72 and its 200-day moving average price is $6.93. SoFi Technologies, Inc. has a 1-year low of $4.24 and a 1-year high of $11.70. The company has a current ratio of 1.80, a quick ratio of 0.31 and a debt-to-equity ratio of 1.17.

SoFi Technologies (NASDAQ:SOFI – Get Free Report) last announced its quarterly earnings data on Monday, July 31st. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoFi Technologies had a negative net margin of 10.38% and a negative return on equity of 3.77%. The firm had revenue of $488.80 million for the quarter, compared to analyst estimates of $473.94 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. The business’s quarterly revenue was up 37.3% compared to the same quarter last year. On average, equities research analysts expect that SoFi Technologies, Inc. will post -0.21 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on SOFI. Morgan Stanley cut shares of SoFi Technologies from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $6.50 to $7.00 in a research note on Thursday, July 13th. Oppenheimer lowered shares of SoFi Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, June 15th. Piper Sandler lowered shares of SoFi Technologies from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $6.50 to $8.00 in a report on Friday, June 16th. Compass Point initiated coverage on shares of SoFi Technologies in a report on Thursday, June 22nd. They set a “sell” rating and a $5.00 price target on the stock. Finally, Keefe, Bruyette & Woods lowered shares of SoFi Technologies from a “market perform” rating to an “underperform” rating and lifted their price target for the stock from $5.50 to $7.00 in a report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.63.

Check Out Our Latest Stock Report on SOFI

Insider Activity

In related news, CEO Anthony Noto acquired 108,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were purchased at an average price of $4.67 per share, for a total transaction of $504,360.00. Following the completion of the acquisition, the chief executive officer now owns 6,488,539 shares of the company’s stock, valued at $30,301,477.13. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Chad M. Borton sold 90,458 shares of the business’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $8.68, for a total transaction of $785,175.44. Following the completion of the sale, the insider now directly owns 229,449 shares of the company’s stock, valued at $1,991,617.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Anthony Noto bought 108,000 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were acquired at an average cost of $4.67 per share, with a total value of $504,360.00. Following the completion of the transaction, the chief executive officer now owns 6,488,539 shares of the company’s stock, valued at $30,301,477.13. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 390,458 shares of company stock worth $3,652,175. Company insiders own 2.70% of the company’s stock.

SoFi Technologies Company Profile

(Free Report)

SoFi Technologies, Inc provides various financial services. 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. It also offers personal loans, student loans, home loans, and related services.