Pictet Asset Management Holding SA Has $7.43 Million Holdings in SoFi Technologies, Inc. $SOFI

Key Points

• Pictet Asset Management reduced its SoFi Technologies stake by 7.6% in the first quarter, but still held 468,089 shares valued at about $7.43 million at quarter-end.
• SoFi reported Q1 earnings of $0.12 per share, matching expectations, while revenue came in at $1.09 billion, topping estimates and rising 42.6% year over year.
• Insiders have been selling shares recently, including CTO Jeremy Rishel and EVP Kelli Keough, while Wall Street remains mixed with an overall Hold rating and an average price target of $22.56.

Pictet Asset Management Holding SA cut its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 468,089 shares of the company's stock after selling 38,389 shares during the period. Pictet Asset Management Holding SA's holdings in SoFi Technologies were worth $7,433,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SOFI. Brighton Jones LLC boosted its stake in SoFi Technologies by 2.0% in the fourth quarter. Brighton Jones LLC now owns 719,288 shares of the company's stock worth $11,077,000 after purchasing an additional 14,281 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of SoFi Technologies in the first quarter valued at $129,000. Empowered Funds LLC increased its stake in shares of SoFi Technologies by 5.2% in the first quarter. Empowered Funds LLC now owns 33,126 shares of the company's stock valued at $385,000 after buying an additional 1,631 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of SoFi Technologies by 23.2% in the second quarter. Franklin Resources Inc. now owns 13,796 shares of the company's stock valued at $251,000 after buying an additional 2,596 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of SoFi Technologies in the second quarter valued at about $4,633,000. 38.43% of the stock is owned by institutional investors and hedge funds.

SoFi Technologies Price Performance

Shares of SOFI stock opened at $18.24 on Friday. The firm has a market cap of $23.40 billion, a price-to-earnings ratio of 41.46 and a beta of 2.14. SoFi Technologies, Inc. has a 12 month low of $14.92 and a 12 month high of $32.73. The company has a quick ratio of 0.13, a current ratio of 0.75 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average price of $16.88 and a 200 day moving average price of $19.77.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $0.12 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.12. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.05 billion. SoFi Technologies had a net margin of 14.65% and a return on equity of 6.25%. The company's revenue was up 42.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. SoFi Technologies has set its FY 2026 guidance at 0.600- EPS. Research analysts expect that SoFi Technologies, Inc. will post 0.59 EPS for the current year.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 102,123 shares of SoFi Technologies stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $17.78, for a total transaction of $1,815,746.94. Following the completion of the sale, the chief technology officer owned 895,089 shares of the company's stock, valued at approximately $15,914,682.42. The trade was a 10.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kelli Keough sold 10,954 shares of the company's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $17.35, for a total transaction of $190,051.90. Following the sale, the executive vice president owned 378,682 shares of the company's stock, valued at $6,570,132.70. The trade was a 2.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 134,044 shares of company stock worth $2,370,056 over the last ninety days. Company insiders own 2.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stephens decreased their price objective on shares of SoFi Technologies from $26.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday, April 30th. Citigroup dropped their target price on shares of SoFi Technologies from $37.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $18.00 target price on shares of SoFi Technologies in a research report on Thursday, April 30th. Needham & Company LLC lowered their price target on shares of SoFi Technologies from $33.00 to $25.00 and set a "buy" rating for the company in a report on Thursday, April 30th. Finally, Morgan Stanley set a $16.00 price target on shares of SoFi Technologies in a report on Thursday, April 30th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, SoFi Technologies has an average rating of "Hold" and an average target price of $22.56.

SoFi Technologies Company Profile

SoFi Technologies, Inc NASDAQ: SOFI is a diversified financial services company that provides consumer-focused lending, banking, investing and financial technology products. The company's core offerings include student loan refinancing and private student loans, personal loans, mortgage lending, and credit card products. In addition to credit and lending, SoFi operates consumer-facing deposit and cash management accounts, an investing and trading platform, and an insurance marketplace through partner relationships, all designed to serve individuals seeking an integrated digital financial experience.

SoFi has grown beyond direct-to-consumer lending by building technology and infrastructure capabilities.

Want to see what other hedge funds are holding SOFI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SoFi Technologies, Inc. (NASDAQ:SOFI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.