Allworth Financial LP has decreased its holdings in SoFi Technologies, Inc. (NASDAQ: SOFI) by 26.7%, according to a recent filing with the Securities and Exchange Commission (SEC). As of the second quarter, the institutional investor now owns 24,033 shares following the sale of 8,747 shares during the period. The current value of Allworth Financial’s stake in SoFi Technologies is approximately $438,000.
Several other institutional investors have also adjusted their positions in SoFi Technologies. Notably, Nuveen LLC acquired a new position in the company valued at $47.6 million in the first quarter. Mizuho Markets Cayman LP followed suit in the second quarter, purchasing shares worth around $45.5 million. ARK Investment Management LLC significantly increased its stake by 118.5%, now owning 4,424,155 shares, valued at $80.6 million after acquiring an additional 2,399,746 shares. Similarly, Mitsubishi UFJ Asset Management Co. Ltd. expanded its holdings by 58.3% in the first quarter, owning 4,339,349 shares worth approximately $50.5 million. Valeo Financial Advisors LLC made a remarkable increase in its stake by 3,703.9% in the second quarter, amassing 1,337,048 shares valued at $24.3 million. Overall, institutional investors own 38.43% of SoFi’s stock.
Analyst Ratings and Insider Transactions
Analysts have had varying views on SoFi Technologies. Truist Financial recently raised their price target from $29.00 to $31.00, maintaining a “hold” rating. UBS Group also increased their target price from $20.50 to $27.50, giving the company a “neutral” rating. Weiss Ratings reaffirmed a “hold (c)” rating, while Goldman Sachs raised their price objective from $24.00 to $27.00 with a “neutral” rating. Lastly, Keefe, Bruyette & Woods adjusted their target from $18.00 to $20.00, categorizing the stock as “underperform.” In total, one analyst recommends a strong buy, seven suggest buying, twelve advise holding, and three recommend selling.
Regarding insider activities, Executive Vice President Kelli Keough sold 10,036 shares on October 20, 2023, at an average price of $28.33, totaling approximately $284,319.88. Following this transaction, Keough now holds 275,374 shares valued at about $7.8 million, marking a 3.52% decrease in her position. Chief Technology Officer Jeremy Rishel also sold 98,733 shares on September 18, 2023, for a total of $2.7 million, resulting in an 11.50% reduction in his stake.
Current Stock Performance and Future Outlook
As of now, SoFi Technologies’ stock is trading at $27.82. The company has experienced a 12-month low of $8.60 and a high of $32.73. The stock has a market capitalization of $33.55 billion and a price-to-earnings ratio of 51.52. SoFi Technologies recently reported earnings results on October 28, 2023, revealing a $0.11 earnings per share (EPS), exceeding analyst expectations of $0.09. The company achieved a net margin of 19.29% and a return on equity of 5.12%, with quarterly revenues of $949.63 million, substantially surpassing the anticipated $880.33 million. Year-over-year, SoFi Technologies’ revenue increased by 37.7%.
Looking ahead, the company has set guidance for fiscal year 2025 at an EPS of $0.370. Analysts forecast an average EPS of $0.26 for the current year. SoFi Technologies operates across the United States, Latin America, and Canada, offering a diverse range of financial services through its lending, technology platform, and financial services segments.
