Nikko Asset Management Americas Inc. Sells 5,106,191 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Nikko Asset Management Americas Inc. trimmed its holdings in SoFi Technologies, Inc. (NASDAQ:SOFI) by 66.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,626,652 shares of the company’s stock after selling 5,106,191 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 0.24% of SoFi Technologies worth $30,522,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in SoFi Technologies by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 98,337,045 shares of the company’s stock worth $1,514,390,000 after purchasing an additional 8,898,879 shares during the period. Two Sigma Advisers LP bought a new position in shares of SoFi Technologies in the fourth quarter worth about $299,980,000. Geode Capital Management LLC lifted its holdings in SoFi Technologies by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 17,934,983 shares of the company’s stock valued at $276,288,000 after buying an additional 315,899 shares in the last quarter. Norges Bank bought a new stake in SoFi Technologies during the 4th quarter valued at about $103,678,000. Finally, Northern Trust Corp boosted its position in SoFi Technologies by 22.7% in the 4th quarter. Northern Trust Corp now owns 6,052,301 shares of the company’s stock valued at $93,205,000 after buying an additional 1,121,550 shares during the period. 38.43% of the stock is owned by institutional investors.

SoFi Technologies Stock Down 1.4%

Shares of SoFi Technologies stock opened at $21.20 on Friday. The company has a quick ratio of 0.14, a current ratio of 0.80 and a debt-to-equity ratio of 0.46. The company has a market cap of $23.43 billion, a P/E ratio of 51.71, a PEG ratio of 3.63 and a beta of 1.91. The firm’s 50 day moving average price is $16.73 and its 200-day moving average price is $14.61. SoFi Technologies, Inc. has a 52-week low of $6.01 and a 52-week high of $22.74.

SoFi Technologies (NASDAQ:SOFI) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $763.81 million for the quarter, compared to analyst estimates of $739.93 million. SoFi Technologies had a net margin of 17.21% and a return on equity of 3.34%. The business’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 earnings per share. On average, sell-side analysts predict that SoFi Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In other SoFi Technologies news, EVP Kelli Keough sold 11,520 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $13.38, for a total value of $154,137.60. Following the completion of the sale, the executive vice president directly owned 203,509 shares in the company, valued at approximately $2,722,950.42. This trade represents a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jeremy Rishel sold 66,847 shares of the stock in a transaction dated 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 completion of the sale, the chief technology officer owned 724,321 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders have sold 273,181 shares of company stock valued at $4,043,240. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

SOFI has been the topic of a number of research reports. JMP Securities reaffirmed a “market perform” rating and set a $17.00 target price on shares of SoFi Technologies in a research report on Monday, July 14th. UBS Group raised their price objective on SoFi Technologies from $14.00 to $15.50 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Citizens Jmp lowered SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 14th. The Goldman Sachs Group began coverage on SoFi Technologies in a report on Monday, July 14th. They issued a “neutral” rating and a $19.00 target price for the company. Finally, Cowen assumed coverage on SoFi Technologies in a research note on Friday, July 11th. They set a “hold” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $16.78.

About SoFi Technologies

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.