Synovus Financial Corp Purchases Shares of 12,841 Robinhood Markets, Inc. $HOOD

Synovus Financial Corp purchased a new stake in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 12,841 shares of the company's stock, valued at approximately $534,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MetLife Investment Management LLC boosted its stake in Robinhood Markets by 1.5% during the fourth quarter. MetLife Investment Management LLC now owns 11,806 shares of the company's stock valued at $440,000 after buying an additional 171 shares in the last quarter. Hemington Wealth Management boosted its position in shares of Robinhood Markets by 52.2% during the 1st quarter. Hemington Wealth Management now owns 636 shares of the company's stock valued at $26,000 after purchasing an additional 218 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Robinhood Markets by 4.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,890 shares of the company's stock valued at $290,000 after purchasing an additional 265 shares in the last quarter. Allworth Financial LP boosted its position in shares of Robinhood Markets by 23.4% during the 1st quarter. Allworth Financial LP now owns 1,401 shares of the company's stock valued at $58,000 after purchasing an additional 266 shares in the last quarter. Finally, HighPoint Advisor Group LLC boosted its position in shares of Robinhood Markets by 0.8% during the 1st quarter. HighPoint Advisor Group LLC now owns 36,510 shares of the company's stock valued at $1,520,000 after purchasing an additional 272 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HOOD. The Goldman Sachs Group raised their target price on shares of Robinhood Markets from $91.00 to $104.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Redburn Atlantic reissued a "sell" rating and set a $48.00 price objective (up from $40.00) on shares of Robinhood Markets in a research note on Monday, June 9th. Cantor Fitzgerald raised their price objective on Robinhood Markets from $100.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their price objective on Robinhood Markets from $44.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Finally, Piper Sandler increased their price target on Robinhood Markets from $110.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Robinhood Markets has a consensus rating of "Moderate Buy" and an average target price of $100.31.

Insider Buying and Selling at Robinhood Markets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of Robinhood Markets stock in a transaction on Friday, July 25th. The shares were sold at an average price of $104.73, for a total transaction of $614,136.72. Following the completion of the sale, the chief technology officer owned 3,044 shares of the company's stock, valued at $318,798.12. This trade represents a 65.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven M. Quirk sold 40,131 shares of Robinhood Markets stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $104.71, for a total transaction of $4,202,117.01. Following the sale, the insider directly owned 120,408 shares of the company's stock, valued at $12,607,921.68. This trade represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,644,685 shares of company stock valued at $448,881,884 in the last 90 days. Corporate insiders own 14.47% of the company's stock.

Robinhood Markets Trading Up 0.7%

Shares of NASDAQ HOOD opened at $103.69 on Friday. Robinhood Markets, Inc. has a one year low of $18.71 and a one year high of $117.70. The firm has a market capitalization of $92.15 billion, a PE ratio of 52.63, a PEG ratio of 3.77 and a beta of 2.36. The business has a 50-day moving average price of $101.18 and a two-hundred day moving average price of $69.51.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.12. The firm had revenue of $989.00 million during the quarter, compared to analyst estimates of $893.93 million. Robinhood Markets had a return on equity of 17.48% and a net margin of 50.13%.The business's quarterly revenue was up 45.0% compared to the same quarter last year. During the same period last year, the company posted $0.21 EPS. Research analysts anticipate that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

About Robinhood Markets

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.

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