SoFi and Paychex Team Up for Employee Financial Wellness
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With SoFi now part of Paychex Flex Perks, employees can choose extra financial benefits through Paychex's online platform and pay for them through payroll deductions at no added cost to their employer.
It must be noted that since its launch in 2024, Paychex Flex Perks has already seen over 230,000 employees purchase at least one benefit. The addition of SoFi's services is expected to boost engagement even further, especially as federal student loan payments resume.
For SoFi, the partnership expands SoFi's reach to millions of employees across 740,000+ small and mid-sized businesses. Further, Paychex Flex Perks' wide customer base will allow SoFi to benefit from increased loan volume, refinancing activity, and use of its financial planning services.
Analyst Ups SoFi's Price Target
Truist Financial analyst Matthew Coad has raised his price target for SoFi stock to $20 from $14, while maintaining a Hold rating. The analyst said the overall outlook for the FinTech sector looks solid.
He also noted that stablecoins have become a hot topic among FinTech and payments investors recently. Thus, Coad expects that the company's upcoming Q2 earnings call may include discussions on how crypto and stablecoins might affect the industry.
Is SOFI Stock a Good Buy?
Turning to Wall Street, SOFI stock has a Moderate Buy consensus rating based on six Buys, eight Holds, and three Sells assigned in the last three months. At $16.58, the average SOFI stock price target implies a 24.94% downside potential.
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