Westfield Capital Management Co. LP Buys Shares of 1,415,103 Robinhood Markets, Inc. (NASDAQ:HOOD)

Key Points

• Westfield Capital Management invested approximately $58.90 million in Robinhood Markets by acquiring 1,415,103 shares, representing 0.16% ownership.
• Analysts have set new price targets for Robinhood, with Barclays raising its price objective to $120.00 and Goldman Sachs increasing it to $104.00, indicating a positive outlook on the stock.
• Robinhood's quarterly earnings report showed earnings of $0.42 per share, exceeding expectations and reflecting a revenue increase of 45% year-over-year, with a market cap of $94.19 billion.

Westfield Capital Management Co. LP bought a new position in shares of Robinhood Markets, Inc. (NASDAQ:HOOD - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,415,103 shares of the company's stock, valued at approximately $58,897,000. Westfield Capital Management Co. LP owned 0.16% of Robinhood Markets as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. FMR LLC raised its position in Robinhood Markets by 184.8% in the 4th quarter. FMR LLC now owns 40,237,478 shares of the company's stock valued at $1,499,248,000 after buying an additional 26,107,934 shares during the last quarter. Newlands Management Operations LLC boosted its holdings in Robinhood Markets by 1.1% during the fourth quarter. Newlands Management Operations LLC now owns 24,158,860 shares of the company's stock worth $900,159,000 after purchasing an additional 273,860 shares during the last quarter. Renaissance Technologies LLC grew its position in Robinhood Markets by 34.4% in the 4th quarter. Renaissance Technologies LLC now owns 12,078,116 shares of the company's stock worth $450,031,000 after purchasing an additional 3,091,514 shares in the last quarter. Two Sigma Advisers LP increased its stake in Robinhood Markets by 0.5% in the 4th quarter. Two Sigma Advisers LP now owns 10,699,600 shares of the company's stock valued at $398,667,000 after buying an additional 52,700 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Robinhood Markets by 231.9% during the 4th quarter. AQR Capital Management LLC now owns 5,257,840 shares of the company's stock worth $195,907,000 after buying an additional 3,673,861 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Insider Transactions at Robinhood Markets

In other Robinhood Markets news, CTO Jeffrey Tsvi Pinner sold 5,864 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $104.73, for a total value of $614,136.72. Following the sale, the chief technology officer owned 3,044 shares in the company, valued at approximately $318,798.12. This represents a 65.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel Martin Gallagher, Jr. sold 225,000 shares of Robinhood Markets stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $99.97, for a total transaction of $22,493,250.00. Following the transaction, the insider owned 591,887 shares of the company's stock, valued at $59,170,943.39. The trade was a 27.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,805,629 shares of company stock valued at $436,324,686 in the last three months. Company insiders own 14.47% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on HOOD. Cantor Fitzgerald increased their price target on Robinhood Markets from $100.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Barclays lifted their target price on Robinhood Markets from $102.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Morgan Stanley increased their price target on shares of Robinhood Markets from $43.00 to $110.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Redburn Atlantic reaffirmed a "sell" rating and issued a $48.00 price objective (up previously from $40.00) on shares of Robinhood Markets in a research report on Monday, June 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Robinhood Markets from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Robinhood Markets presently has an average rating of "Moderate Buy" and a consensus price target of $96.29.

Robinhood Markets Stock Up 0.2%

Shares of NASDAQ:HOOD traded up $0.19 on Wednesday, hitting $105.65. The company had a trading volume of 32,930,766 shares, compared to its average volume of 45,839,716. Robinhood Markets, Inc. has a 1 year low of $16.68 and a 1 year high of $113.44. The firm's 50-day simple moving average is $88.57 and its two-hundred day simple moving average is $62.82. The firm has a market capitalization of $93.55 billion, a price-to-earnings ratio of 53.63, a P/E/G ratio of 4.02 and a beta of 2.36.

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