Edgestream Partners L.P. Boosts Stake in SoFi Technologies, Inc. (NASDAQ:SOFI)

Edgestream Partners L.P. increased its position in SoFi Technologies, Inc. (NASDAQ:SOFI) by 55.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 404,277 shares of the company’s stock after purchasing an additional 144,139 shares during the period. Edgestream Partners L.P.’s holdings in SoFi Technologies were worth $3,178,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of SoFi Technologies by 263.3% in the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after buying an additional 9,482,683 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in SoFi Technologies by 6.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,457,940 shares of the company’s stock valued at $75,737,000 after purchasing an additional 690,638 shares during the period. Marshall Wace LLP lifted its stake in shares of SoFi Technologies by 130.0% in the 2nd quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after purchasing an additional 3,593,464 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of SoFi Technologies by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,145,837 shares of the company’s stock worth $48,306,000 after purchasing an additional 87,097 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of SoFi Technologies by 214.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,940,340 shares of the company’s stock valued at $30,971,000 after purchasing an additional 2,688,847 shares during the last quarter. 38.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SOFI has been the subject of a number of analyst reports. Needham & Company LLC raised their price target on SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group raised their target price on shares of SoFi Technologies from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Barclays upped 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, October 30th. The Goldman Sachs Group raised their price objective on shares of SoFi Technologies from $7.50 to $8.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Citigroup cut SoFi Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.80.

Insiders Place Their Bets

In other SoFi Technologies news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $8.12, for a total transaction of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This represents a 11.55 % decrease in their position. The sale 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 stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $7.99, for a total transaction of $74,370.92. Following the transaction, the executive vice president now owns 161,511 shares in the company, valued at approximately $1,290,472.89. The trade was a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,287 shares of company stock worth $863,250 in the last three months. Corporate insiders own 2.60% of the company’s stock.

SoFi Technologies Trading Up 1.8 %

NASDAQ SOFI opened at $16.41 on Monday. The company’s 50-day moving average price is $11.23 and its 200-day moving average price is $8.52. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $17.81 billion, a PE ratio of 164.10, a PEG ratio of 2.73 and a beta of 1.60. SoFi Technologies, Inc. has a 12 month low of $6.01 and a 12 month high of $16.61.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. SoFi Technologies had a net margin of 8.38% and a return on equity of 3.71%. The firm had revenue of $697.10 million for the quarter, compared to analysts’ expectations of $631.59 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis. Equities research analysts forecast that SoFi Technologies, Inc. will post 0.12 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.