CIBC Asset Management Inc Acquires 962 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

CIBC Asset Management Inc raised its stake in SoFi Technologies, Inc. (NASDAQ:SOFI) by 3.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,409 shares of the company’s stock after purchasing an additional 962 shares during the period. CIBC Asset Management Inc’s holdings in SoFi Technologies were worth $223,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SOFI. Consolidated Investment Group LLC lifted its holdings in shares of SoFi Technologies by 119.0% during the third quarter. Consolidated Investment Group LLC now owns 138,000 shares of the company’s stock valued at $1,085,000 after acquiring an additional 75,000 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in SoFi Technologies by 4,252.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 88,580 shares of the company’s stock valued at $585,000 after buying an additional 86,545 shares during the period. SpiderRock Advisors LLC boosted its position in shares of SoFi Technologies by 98.2% in the 3rd quarter. SpiderRock Advisors LLC now owns 251,246 shares of the company’s stock worth $1,975,000 after purchasing an additional 124,500 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of SoFi Technologies by 64.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 294,711 shares of the company’s stock worth $1,948,000 after buying an additional 115,316 shares during the period. Finally, Mark Asset Management LP grew its holdings in SoFi Technologies by 79.9% during the second quarter. Mark Asset Management LP now owns 340,654 shares of the company’s stock valued at $2,252,000 after purchasing an additional 151,265 shares during the period. 38.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SOFI shares. Mizuho increased their target price on SoFi Technologies from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays raised their price target on SoFi Technologies from $8.00 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of SoFi Technologies from $7.50 to $8.50 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC lifted their price objective on shares of SoFi Technologies from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their target price on SoFi Technologies from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, SoFi Technologies currently has a consensus rating of “Hold” and an average price target of $9.80.

Insider Buying and Selling

In related news, CTO Jeremy Rishel sold 68,081 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $8.12, for a total value of $552,817.72. Following the transaction, the chief technology officer now directly owns 521,505 shares in the company, valued at $4,234,620.60. This trade represents a 11.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kelli Keough sold 9,308 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $7.99, for a total transaction of $74,370.92. Following the sale, the executive vice president now owns 161,511 shares of the company’s stock, valued at $1,290,472.89. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,287 shares of company stock valued at $863,250 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

SoFi Technologies Stock Performance

SOFI stock opened at $15.60 on Friday. The firm has a market cap of $16.93 billion, a PE ratio of 156.02, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60. The company has a current ratio of 0.49, a quick ratio of 0.18 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $10.44 and a 200-day moving average price of $8.20. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $15.75.

SoFi Technologies (NASDAQ:SOFI) last issued its earnings results on Tuesday, October 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $697.10 million during the quarter, compared to the consensus estimate of $631.59 million. SoFi Technologies had a return on equity of 3.71% and a net margin of 8.38%. The firm’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. As a group, equities research analysts expect that SoFi Technologies, Inc. will post 0.12 earnings per share for the current 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.