Credit Suisse AG Increases Stock Holdings in SoFi Technologies, Inc. (NASDAQ:SOFI)

Posted by Defense World Staff on Aug 26th, 2023

Credit Suisse AG increased its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI – Free Report) by 24.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,179,821 shares of the company’s stock after buying an additional 432,245 shares during the quarter. Credit Suisse AG owned 0.23% of SoFi Technologies worth $13,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SOFI. Fairfield Bush & CO. grew its stake in SoFi Technologies by 41.6% during the 1st quarter. Fairfield Bush & CO. now owns 16,000 shares of the company’s stock valued at $151,000 after purchasing an additional 4,700 shares during the last quarter. Bank of New York Mellon Corp grew its stake in SoFi Technologies by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,266,962 shares of the company’s stock valued at $11,973,000 after purchasing an additional 22,288 shares during the last quarter. US Bancorp DE grew its stake in SoFi Technologies by 197.0% during the 1st quarter. US Bancorp DE now owns 3,015 shares of the company’s stock valued at $28,000 after purchasing an additional 2,000 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in SoFi Technologies during the 1st quarter valued at about $435,000. Finally, Cibc World Market Inc. grew its stake in SoFi Technologies by 4.7% during the 1st quarter. Cibc World Market Inc. now owns 54,765 shares of the company’s stock valued at $518,000 after purchasing an additional 2,454 shares during the last quarter. 32.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on SOFI shares. Piper Sandler upped their target price on SoFi Technologies from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, August 18th. Keefe, Bruyette & Woods downgraded SoFi Technologies from a “market perform” rating to an “underperform” rating and upped their target price for the stock from $5.50 to $7.00 in a research note on Tuesday, August 1st. Truist Financial upped their target price on SoFi Technologies from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. JPMorgan Chase & Co. upped their target price on SoFi Technologies from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Morgan Stanley downgraded SoFi Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $6.50 to $7.00 in a research note on Thursday, July 13th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.16.

View Our Latest Analysis on SOFI

SoFi Technologies Price Performance

SOFI stock opened at $8.29 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.65 and a quick ratio of 0.29. The business has a 50 day simple moving average of $8.93 and a 200-day simple moving average of $7.14. The firm has a market capitalization of $7.88 billion, a PE ratio of -33.16 and a beta of 1.81. SoFi Technologies, Inc. has a 1 year low of $4.24 and a 1 year high of $11.70.

SoFi Technologies (NASDAQ:SOFI – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $488.80 million during the quarter, compared to analyst estimates of $473.94 million. SoFi Technologies had a negative return on equity of 3.76% and a negative net margin of 10.38%. The business’s revenue was up 37.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.12) earnings per share. Equities research analysts anticipate that SoFi Technologies, Inc. will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at SoFi Technologies

In related news, CMO Webb Lauren Stafford sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $9.29, for a total transaction of $929,000.00. Following the completion of the sale, the chief marketing officer now directly owns 335,945 shares of the company’s stock, valued at approximately $3,120,929.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SoFi Technologies news, insider Aaron Webster sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $9.69, for a total value of $1,938,000.00. Following the sale, the insider now owns 678,261 shares of the company’s stock, valued at $6,572,349.09. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Webb Lauren Stafford sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $9.29, for a total value of $929,000.00. Following the completion of the sale, the chief marketing officer now directly owns 335,945 shares in the company, valued at approximately $3,120,929.05. The disclosure for this sale can be found here. Insiders have sold 390,458 shares of company stock worth $3,652,175 over the last quarter. 2.70% of the stock is currently owned by company insiders.

About SoFi Technologies

(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.