Sumitomo Life Insurance Co. Takes Position in Affirm Holdings, Inc. $AFRM

Sumitomo Life Insurance Co. acquired a new stake in Affirm Holdings, Inc. (NASDAQ:AFRM) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 61,100 shares of the company’s stock, valued at approximately $4,548,000.

Several other hedge funds also recently modified their holdings of AFRM. Royal Bank of Canada grew its holdings in shares of Affirm by 2.1% in the 1st quarter. Royal Bank of Canada now owns 193,601 shares of the company’s stock valued at $8,748,000 after acquiring an additional 3,892 shares in the last quarter. Empowered Funds LLC grew its holdings in Affirm by 90.7% during the first quarter. Empowered Funds LLC now owns 16,852 shares of the company’s stock worth $762,000 after purchasing an additional 8,014 shares during the period. Focus Partners Wealth bought a new position in Affirm during the first quarter worth about $243,000. EverSource Wealth Advisors LLC grew its holdings in Affirm by 18.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,738 shares of the company’s stock worth $189,000 after purchasing an additional 427 shares during the period. Finally, First Trust Advisors LP grew its holdings in Affirm by 44.8% during the second quarter. First Trust Advisors LP now owns 191,525 shares of the company’s stock worth $13,242,000 after purchasing an additional 59,297 shares during the period. Institutional investors own 69.29% of the company’s stock.

Affirm Trading Down 0.5%

Shares of NASDAQ:AFRM opened at $66.17 on Friday. Affirm Holdings, Inc. has a 12-month low of $42.10 and a 12-month high of $100.00. The stock has a market cap of $22.16 billion, a PE ratio of 60.15, a P/E/G ratio of 3.83 and a beta of 3.70. The business has a 50 day moving average of $63.02 and a 200-day moving average of $62.38. The company has a quick ratio of 11.32, a current ratio of 11.32 and a debt-to-equity ratio of 2.39.

Affirm (NASDAQ:AFRM) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.13. Affirm had a return on equity of 11.17% and a net margin of 9.63%.The company had revenue of $943.95 million during the quarter, compared to analysts’ expectations of $995.27 million. During the same quarter in the previous year, the company posted $0.01 earnings per share. The business’s revenue was up 32.7% on a year-over-year basis. As a group, equities research analysts forecast that Affirm Holdings, Inc. will post 1.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

AFRM has been the subject of a number of research analyst reports. Stephens lifted their price target on Affirm from $55.00 to $75.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. The Goldman Sachs Group cut Affirm from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. Truist Financial lifted their price target on Affirm from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Bank of America lifted their price target on Affirm from $82.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Oppenheimer restated an “outperform” rating and set a $87.00 price objective on shares of Affirm in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, Affirm presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.20.

Insider Activity

In other news, Director Noel Bertram Watson sold 2,000 shares of Affirm stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $65.00, for a total value of $130,000.00. Following the completion of the sale, the director directly owned 36,076 shares in the company, valued at approximately $2,344,940. The trade was a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.01% of the stock is currently owned by corporate insiders.

About Affirm

Affirm Holdings, Inc is a financial technology company that provides point-of-sale consumer lending and payments solutions for online and in-store purchases. Its core product is a buy-now-pay-later (BNPL) platform that enables consumers to split purchases into fixed, transparent installment loans with no hidden fees. Affirm offers a range of financing options through merchant integrations, a consumer-facing mobile app and virtual card capabilities, and tools for merchants to offer alternative payment methods at checkout.