Affirm (NASDAQ:AFRM) Price Target Raised to $88.00

Affirm (NASDAQ:AFRM) had its price objective hoisted by equities researchers at Truist Financial from $85.00 to $88.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial‘s target price indicates a potential upside of 24.46% from the company’s current price.

Several other research analysts also recently commented on AFRM. Zacks Research downgraded Affirm from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft increased their price target on Affirm from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Compass Point set a $100.00 price objective on shares of Affirm in a research report on Friday, July 17th. Loop Capital assumed coverage on shares of Affirm in a report on Wednesday, September 9th. They issued a “buy” rating and a $105.00 price objective on the stock. Finally, Wolfe Research reissued an “outperform” rating on shares of Affirm in a research report on Friday, August 28th. Twenty-four equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.81.

Affirm Stock Down 2.3%

Shares of Affirm stock traded down $1.70 during trading hours on Friday, reaching $70.70. 1,045,795 shares of the company’s stock were exchanged, compared to its average volume of 5,143,522. The company has a 50 day moving average of $73.43 and a two-hundred day moving average of $71.30. Affirm has a fifty-two week low of $42.10 and a fifty-two week high of $90.44. The company has a current ratio of 11.80, a quick ratio of 11.80 and a debt-to-equity ratio of 1.82. The stock has a market cap of $23.86 billion, a P/E ratio of 12.82, a P/E/G ratio of 2.95 and a beta of 3.82.

Affirm (NASDAQ:AFRM) last posted its quarterly earnings results on Thursday, August 27th. The company reported $4.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $4.27. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.11 billion. Affirm had a return on equity of 47.91% and a net margin of 45.29%. The business’s revenue was up 33.1% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. On average, sell-side analysts forecast that Affirm will post 1.91 EPS for the current fiscal year.

Insider Transactions at Affirm

In related news, COO Michael Linford sold 79,219 shares of Affirm stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $90.01, for a total transaction of $7,130,502.19. Following the completion of the sale, the chief operating officer directly owned 120,713 shares of the company’s stock, valued at approximately $10,865,377.13. This trade represents a 39.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katherine Adkins sold 41,664 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $75.53, for a total value of $3,146,881.92. Following the completion of the sale, the insider owned 152,439 shares of the company’s stock, valued at $11,513,717.67. This trade represents a 21.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 280,118 shares of company stock valued at $22,223,307. 11.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Affirm

Institutional investors have recently modified their holdings of the business. Spyglass Capital Management LLC grew its stake in shares of Affirm by 15.2% in the first quarter. Spyglass Capital Management LLC now owns 1,662,325 shares of the company’s stock valued at $76,168,000 after acquiring an additional 218,745 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Affirm by 23.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,577,264 shares of the company’s stock worth $71,829,000 after purchasing an additional 303,037 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Affirm by 11.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,574,660 shares of the company’s stock valued at $72,100,000 after purchasing an additional 166,252 shares during the period. Bank of New York Mellon Corp bought a new stake in Affirm in the 2nd quarter valued at about $75,121,000. Finally, Swiss National Bank grew its position in shares of Affirm by 8.8% during the 1st quarter. Swiss National Bank now owns 806,800 shares of the company’s stock worth $36,968,000 after purchasing an additional 65,000 shares in the last quarter. Institutional investors own 69.29% of the company’s stock.

About Affirm

Affirm Holdings, Inc (NASDAQ: AFRM) operates a financial technology platform that provides consumers with flexible payment options at the point of sale. Its services allow shoppers to split eligible purchases into scheduled installments, with terms and costs disclosed before a transaction is completed.

Affirm’s platform is available through online and mobile checkout experiences, as well as through the Affirm app. Its product offerings include buy now, pay later financing, the Affirm Card, and savings products.