Norges Bank Takes $164.07 Million Position in SoFi Technologies, Inc. $SOFI

Norges Bank acquired a new position in SoFi Technologies, Inc. (NASDAQ:SOFI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,009,753 shares of the company’s stock, valued at approximately $164,068,000.

Other hedge funds also recently added to or reduced their stakes in the company. Quadrature Capital Ltd purchased a new stake in SoFi Technologies in the second quarter valued at about $115,188,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of SoFi Technologies by 21.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 167,516 shares of the company’s stock valued at $3,050,000 after acquiring an additional 30,006 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of SoFi Technologies by 0.8% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 927,299 shares of the company’s stock valued at $16,886,000 after purchasing an additional 7,550 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in SoFi Technologies in the 2nd quarter worth approximately $72,000. Finally, Baltimore Washington Financial Advisors Inc. grew its position in SoFi Technologies by 26.2% during the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 763,386 shares of the company’s stock worth $13,901,000 after purchasing an additional 158,455 shares during the last quarter. 38.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SOFI has been the subject of a number of research analyst reports. UBS Group raised their price target on shares of SoFi Technologies from $20.50 to $27.50 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Morgan Stanley raised their target price on SoFi Technologies from $13.00 to $18.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Truist Financial lowered their price target on SoFi Technologies from $31.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, November 25th. JPMorgan Chase & Co. increased their price objective on SoFi Technologies from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, October 24th. Finally, Keefe, Bruyette & Woods raised their price objective on SoFi Technologies from $18.00 to $20.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.88.

Insider Transactions at SoFi Technologies

In related news, insider Arun Pinto sold 46,132 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $24.76, for a total transaction of $1,142,228.32. Following the sale, the insider directly owned 138,396 shares of the company’s stock, valued at approximately $3,426,684.96. This represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 98,733 shares of the firm’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $27.50, for a total transaction of $2,715,157.50. Following the sale, the chief technology officer owned 759,553 shares in the company, valued at approximately $20,887,707.50. This represents a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 175,277 shares of company stock valued at $4,694,595 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

SoFi Technologies Price Performance

Shares of SOFI opened at $29.51 on Wednesday. The business’s 50-day moving average is $28.16 and its two-hundred day moving average is $23.10. The company has a market capitalization of $35.59 billion, a P/E ratio of 54.65, a P/E/G ratio of 2.83 and a beta of 1.93. SoFi Technologies, Inc. has a fifty-two week low of $8.60 and a fifty-two week high of $32.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.16 and a current ratio of 0.80.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 28th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $949.63 million for the quarter, compared to the consensus estimate of $880.33 million. SoFi Technologies had a return on equity of 5.12% and a net margin of 19.29%.The company’s revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 earnings per share. SoFi Technologies has set its FY 2025 guidance at 0.370-0.370 EPS. Research analysts predict that SoFi Technologies, Inc. will post 0.26 earnings per share for the current year.

About SoFi Technologies

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.