Nuveen LLC Takes $47.62 Million Position in SoFi Technologies, Inc. (NASDAQ:SOFI)

Key Points

• Nuveen LLC acquired a new stake in SoFi Technologies, purchasing approximately 4.09 million shares valued at $47.6 million in the first quarter, resulting in a 0.37% ownership in the company.
• Analysts have mixed ratings on SoFi, with three sell ratings and a consensus target price of $18.29, despite Needham raising the price target to $25.00 and maintaining a buy rating.
• SoFi Technologies reported strong quarterly growth with a 42.8% increase in revenue year-over-year, reporting $519.37 million, surpassing EPS estimates with $0.08 per share.

Nuveen LLC bought a new position in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,094,223 shares of the company's stock, valued at approximately $47,616,000. Nuveen LLC owned about 0.37% of SoFi Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Aigen Investment Management LP increased its holdings in SoFi Technologies by 275.5% in the first quarter. Aigen Investment Management LP now owns 67,873 shares of the company's stock valued at $789,000 after buying an additional 49,797 shares during the last quarter. Virtu Financial LLC increased its holdings in SoFi Technologies by 3.2% in the first quarter. Virtu Financial LLC now owns 92,312 shares of the company's stock valued at $1,074,000 after buying an additional 2,882 shares during the last quarter. Entropy Technologies LP increased its holdings in SoFi Technologies by 42.1% in the first quarter. Entropy Technologies LP now owns 473,935 shares of the company's stock valued at $5,512,000 after buying an additional 140,509 shares during the last quarter. Mizuho Markets Americas LLC increased its holdings in SoFi Technologies by 9.6% in the first quarter. Mizuho Markets Americas LLC now owns 3,187,944 shares of the company's stock valued at $37,076,000 after buying an additional 279,855 shares during the last quarter. Finally, Sierra Summit Advisors LLC bought a new stake in SoFi Technologies in the first quarter valued at about $9,715,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,520 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total transaction of $154,137.60. Following the completion of the transaction, the executive vice president directly owned 203,509 shares of the company's stock, valued at approximately $2,722,950.42. This trade represents a 5.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $15.55, for a total value of $1,039,470.85. Following the transaction, the chief technology officer directly owned 724,321 shares of the company's stock, valued at approximately $11,263,191.55. The trade was a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 273,181 shares of company stock valued at $4,043,240. 2.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on SOFI. UBS Group upped their target price on SoFi Technologies from $14.00 to $15.50 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Needham & Company LLC upped their target price on SoFi Technologies from $20.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Mizuho set a $26.00 target price on SoFi Technologies and gave the company an "outperform" rating in a report on Thursday, July 31st. Morgan Stanley reaffirmed an "underweight" rating and set a $13.00 target price (up from $11.00) on shares of SoFi Technologies in a report on Wednesday, July 30th. Finally, Redburn Atlantic raised SoFi Technologies to a "hold" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, SoFi Technologies has a consensus rating of "Hold" and a consensus target price of $18.29.

SoFi Technologies Price Performance

NASDAQ SOFI traded up $0.48 on Friday, reaching $23.77. 44,484,241 shares of the stock traded hands, compared to its average volume of 74,008,424. The firm's fifty day simple moving average is $19.41 and its 200 day simple moving average is $15.27. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57. The company has a market cap of $26.27 billion, a price-to-earnings ratio of 49.52, a P/E/G ratio of 2.88 and a beta of 1.93. SoFi Technologies, Inc. has a 12 month low of $6.75 and a 12 month high of $25.11.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The firm had revenue of $519.37 million during the quarter, compared to analyst estimates of $801.94 million. SoFi Technologies had a return on equity of 4.44% and a net margin of 18.38%. The firm's quarterly revenue was up 42.8% on a year-over-year basis. During the same period last year, the company posted $0.01 EPS. As a group, research analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

SoFi Technologies Company Profile

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.