Principal Financial Group Inc. Sells 5,410 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)

Principal Financial Group Inc. decreased its holdings in shares of SoFi Technologies, Inc. (NASDAQ:SOFI) by 8.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 55,371 shares of the company’s stock after selling 5,410 shares during the period. Principal Financial Group Inc.’s holdings in SoFi Technologies were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. CMG Global Holdings LLC lifted its position in shares of SoFi Technologies by 77.8% during the 1st quarter. CMG Global Holdings LLC now owns 140,389 shares of the company’s stock valued at $1,728,000 after buying an additional 61,443 shares in the last quarter. Geode Capital Management LLC lifted its stake in SoFi Technologies by 1.8% in the fourth 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 during the last quarter. MFG Wealth Management Inc. raised its stake in shares of SoFi Technologies by 27.7% during the first quarter. MFG Wealth Management Inc. now owns 156,277 shares of the company’s stock worth $1,818,000 after purchasing an additional 33,887 shares during the last quarter. Sowell Financial Services LLC acquired a new position in SoFi Technologies during the first quarter worth $259,000. Finally, Teacher Retirement System of Texas grew its holdings in SoFi Technologies by 36.2% during the first quarter. Teacher Retirement System of Texas now owns 247,693 shares of the company’s stock worth $2,881,000 after acquiring an additional 65,854 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.

Insider Activity at SoFi Technologies

In other SoFi Technologies news, CTO Jeremy Rishel sold 66,847 shares of SoFi Technologies stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.55, for a total transaction of $1,039,470.85. Following the sale, the chief technology officer directly owned 724,321 shares in the company, valued at $11,263,191.55. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kelli Keough sold 10,267 shares of SoFi Technologies stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $15.22, for a total value of $156,263.74. Following the sale, the executive vice president owned 255,467 shares in the company, valued at $3,888,207.74. This represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 274,095 shares of company stock worth $3,939,168. 2.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SOFI has been the topic of several research reports. Citizens Jmp lowered SoFi Technologies from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 14th. Stephens began coverage on shares of SoFi Technologies in a report on Thursday, June 12th. They issued an “overweight” rating and a $20.00 target price on the stock. Truist Financial upped their target price on shares of SoFi Technologies from $14.00 to $20.00 and gave the company a “hold” rating in a report on Thursday. UBS Group upped their target price on shares of SoFi Technologies from $14.00 to $15.50 and gave the company a “neutral” rating in a report on Wednesday, April 30th. Finally, Cowen began coverage on shares of SoFi Technologies in a report on Friday, July 11th. They issued a “hold” rating on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.78.

SoFi Technologies Stock Performance

NASDAQ SOFI opened at $21.81 on Friday. The firm has a market capitalization of $24.11 billion, a P/E ratio of 53.20, a P/E/G ratio of 3.65 and a beta of 1.91. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.14. SoFi Technologies, Inc. has a 1-year low of $6.01 and a 1-year high of $22.74. The business’s 50-day simple moving average is $16.00 and its 200-day simple moving average is $14.39.

SoFi Technologies (NASDAQ:SOFI) last announced its earnings results on Tuesday, April 29th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $763.81 million for the quarter, compared to the consensus estimate of $739.93 million. SoFi Technologies had a return on equity of 3.34% and a net margin of 17.21%. The company’s revenue was up 32.7% on a year-over-year basis. During the same period last year, the business posted $0.02 EPS. Equities analysts predict that SoFi Technologies, Inc. will post 0.26 EPS 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.