SoFi Technologies, Inc. (NASDAQ:SOFI) Stake Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI) by 26.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 392,811 shares of the company’s stock after selling 139,039 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in SoFi Technologies were worth $2,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in SoFi Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 82,826,257 shares of the company’s stock worth $604,632,000 after acquiring an additional 1,366,271 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in SoFi Technologies by 6.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock worth $75,737,000 after purchasing an additional 690,638 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after purchasing an additional 6,870,610 shares in the last quarter. Norges Bank purchased a new position in SoFi Technologies in the 4th quarter worth about $71,349,000. Finally, Dimensional Fund Advisors LP purchased a new position in SoFi Technologies in the 4th quarter worth about $38,595,000. 38.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 9th. Barclays dropped their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. BTIG Research began coverage on SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of SoFi Technologies in a research note on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.14.

SoFi Technologies Trading Down 0.1 %

Shares of NASDAQ SOFI opened at $8.11 on Thursday. The stock has a market cap of $8.57 billion, a price-to-earnings ratio of -26.16, a PEG ratio of 1.48 and a beta of 1.70. The business has a 50 day simple moving average of $7.29 and a 200 day simple moving average of $7.14. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $10.49. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.21 and a current ratio of 0.88.

SoFi Technologies (NASDAQ:SOFI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.06) EPS. On average, research analysts predict that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoFi Technologies news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares of the company’s stock, valued at $830,594.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

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.