SoFi Technologies (NASDAQ:SOFI) Given New $29.00 Price Target at Needham & Company LLC

Key Points

• SoFi Technologies has had its price target increased from $25.00 to $29.00 by Needham & Company LLC, reflecting a potential upside of 10.24% from the previous close.
• The company's earnings report showed a profit of $0.08 per share, exceeding estimates, but revenue was $519.37 million, significantly below the consensus estimate of $801.94 million.
• Currently, SoFi Technologies has an average rating of "Hold" with a diverse range of price targets from analysts, indicating varied outlooks on the stock’s performance.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) had its price target upped by equities research analysts at Needham & Company LLC from $25.00 to $29.00 in a report released on Wednesday, MarketBeat.com reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target would indicate a potential upside of 10.24% from the company's previous close.

Several other research analysts have also recently commented on SOFI. TD Cowen started coverage on shares of SoFi Technologies in a report on Friday, July 11th. They set a "hold" rating and a $21.00 price target for the company. Morgan Stanley reaffirmed an "underweight" rating and issued a $13.00 target price (up from $11.00) on shares of SoFi Technologies in a research report on Wednesday, July 30th. Rothschild & Co Redburn began coverage on shares of SoFi Technologies in a research report on Friday, August 1st. They issued a "neutral" rating and a $20.50 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of SoFi Technologies from $22.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Finally, Citizens Jmp downgraded shares of SoFi Technologies from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.59.

SoFi Technologies Price Performance

Shares of SOFI opened at $26.31 on Wednesday. SoFi Technologies has a fifty-two week low of $6.95 and a fifty-two week high of $26.60. The firm's 50 day moving average price is $22.60 and its 200 day moving average price is $16.38. The company has a market cap of $31.50 billion, a P/E ratio of 55.14, a PEG ratio of 3.07 and a beta of 1.93. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.57.

SoFi Technologies (NASDAQ:SOFI - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. SoFi Technologies had a net margin of 18.38% and a return on equity of 4.44%. The firm had revenue of $519.37 million for the quarter, compared to the consensus estimate of $801.94 million. During the same period in the prior year, the firm earned $0.01 EPS. The firm's revenue for the quarter was up 42.8% on a year-over-year basis. SoFi Technologies has set its FY 2025 guidance at 0.310-0.310 EPS. On average, research analysts forecast that SoFi Technologies will post 0.26 earnings per share for the current fiscal year.

Insider Activity

In other SoFi Technologies news, EVP Kelli Keough sold 10,578 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $22.13, for a total transaction of $234,091.14. Following the completion of the transaction, the executive vice president directly owned 234,622 shares in the company, valued at approximately $5,192,184.86. This trade represents a 4.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jeremy Rishel sold 66,847 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the transaction, the chief technology officer owned 724,321 shares of the company's stock, valued at $11,263,191.55. This trade represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,959 shares of company stock valued at $1,653,646 over the last 90 days. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoFi Technologies

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of SoFi Technologies by 0.8% in the second quarter. Vanguard Group Inc. now owns 100,287,485 shares of the company's stock valued at $1,826,235,000 after buying an additional 820,190 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of SoFi Technologies in the fourth quarter valued at approximately $299,980,000. Norges Bank acquired a new position in shares of SoFi Technologies in the second quarter valued at approximately $164,068,000. Marshall Wace LLP raised its position in shares of SoFi Technologies by 88.2% in the second quarter. Marshall Wace LLP now owns 7,997,146 shares of the company's stock valued at $145,628,000 after buying an additional 3,748,817 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in SoFi Technologies by 2.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 6,628,309 shares of the company's stock worth $120,702,000 after purchasing an additional 155,583 shares during the last quarter. Institutional investors and hedge funds own 38.43% of the company's stock.

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.

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