Texas Capital Bank Wealth Management Services Inc Buys 70,000 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Texas Capital Bank Wealth Management Services Inc boosted its stake in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 233.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,000 shares of the company’s stock after buying an additional 70,000 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in SoFi Technologies were worth $661,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of SoFi Technologies by 263.3% during the second quarter. Dimensional Fund Advisors LP now owns 13,083,606 shares of the company’s stock worth $86,478,000 after acquiring an additional 9,482,683 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in SoFi Technologies by 176.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock valued at $78,601,000 after purchasing an additional 6,870,610 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the period. Vanguard Group Inc. lifted its holdings in shares of SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of SoFi Technologies by 130.0% during the second quarter. Marshall Wace LLP now owns 6,357,887 shares of the company’s stock valued at $42,026,000 after buying an additional 3,593,464 shares during the period. Institutional investors own 38.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SOFI. Barclays dropped their target price on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of SoFi Technologies in a research note on Wednesday, July 31st. BTIG Research began coverage on shares of SoFi Technologies in a research note on Friday, June 7th. They issued a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods lowered their target price on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a report on Tuesday, July 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and a consensus target price of $9.14.

SoFi Technologies Stock Performance

Shares of SoFi Technologies stock opened at $7.95 on Friday. The firm has a market capitalization of $8.40 billion, a P/E ratio of -25.65, a PEG ratio of 1.60 and a beta of 1.70. SoFi Technologies, Inc. has a 52 week low of $6.01 and a 52 week high of $10.49. The company has a quick ratio of 0.21, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average price of $7.37 and a 200 day moving average price of $7.16.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.25%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) earnings per share. Sell-side analysts expect that SoFi Technologies, Inc. will post 0.1 EPS for the current year.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now owns 521,505 shares in the company, valued at approximately $4,234,620.60. The sale was disclosed in a filing with the SEC, which is available through this link. In other SoFi Technologies news, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $7.99, for a total value of $74,370.92. Following the completion of the transaction, the executive vice president now directly owns 161,511 shares of the company’s stock, valued at $1,290,472.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jeremy Rishel sold 68,081 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $8.12, for a total transaction of $552,817.72. Following the sale, the chief technology officer now directly owns 521,505 shares in the company, valued at approximately $4,234,620.60. The disclosure for this sale can be found here. Insiders sold 102,328 shares of company stock valued at $808,246 over the last quarter. 2.60% of the stock is currently owned by company insiders.

SoFi Technologies 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.