Canaccord Genuity Group Forecasts Strong Price Appreciation for Roblox (NYSE:RBLX) Stock

Roblox (NYSE:RBLX) had its price objective increased by Canaccord Genuity Group from $50.00 to $60.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

RBLX has been the subject of a number of other research reports. Roth Mkm upped their price objective on Roblox from $35.00 to $42.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Benchmark upped their price objective on Roblox from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Wolfe Research initiated coverage on Roblox in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Needham & Company LLC upped their price objective on Roblox from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their price objective on Roblox from $51.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.80.

Roblox Trading Down 2.8 %

RBLX stock opened at $50.00 on Friday. Roblox has a 1-year low of $29.55 and a 1-year high of $53.07. The business has a fifty day moving average price of $43.79 and a 200-day moving average price of $39.48. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.98 and a current ratio of 0.98.

Roblox (NYSE:RBLX) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.02. The company had revenue of $919.00 million during the quarter, compared to analysts’ expectations of $1.02 billion. Roblox had a negative return on equity of 986.36% and a negative net margin of 30.90%. Roblox’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.45) earnings per share. On average, equities research analysts anticipate that Roblox will post -1.59 EPS for the current year.

Insider Buying and Selling at Roblox

In other Roblox news, insider Arvind Chakravarthy sold 592 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $43.32, for a total transaction of $25,645.44. Following the sale, the insider now directly owns 276,892 shares in the company, valued at $11,994,961.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Arvind Chakravarthy sold 592 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $43.32, for a total value of $25,645.44. Following the sale, the insider now directly owns 276,892 shares in the company, valued at approximately $11,994,961.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anthony P. Lee sold 200,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $50.33, for a total value of $10,066,000.00. Following the completion of the sale, the director now owns 4,707,579 shares in the company, valued at approximately $236,932,451.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 989,341 shares of company stock worth $44,391,412 over the last ninety days. Company insiders own 22.15% of the company’s stock.

Institutional Investors Weigh In On Roblox

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Roblox by 10.4% in the first quarter. Vanguard Group Inc. now owns 51,082,302 shares of the company’s stock worth $1,950,322,000 after purchasing an additional 4,818,022 shares in the last quarter. Baillie Gifford & Co. grew its stake in Roblox by 1.9% in the second quarter. Baillie Gifford & Co. now owns 29,142,565 shares of the company’s stock worth $1,084,395,000 after purchasing an additional 535,414 shares in the last quarter. ARK Investment Management LLC grew its stake in Roblox by 12.9% in the second quarter. ARK Investment Management LLC now owns 13,338,829 shares of the company’s stock worth $496,338,000 after purchasing an additional 1,519,591 shares in the last quarter. Ieq Capital LLC grew its stake in Roblox by 27.6% in the first quarter. Ieq Capital LLC now owns 12,409,924 shares of the company’s stock worth $473,811,000 after purchasing an additional 2,684,713 shares in the last quarter. Finally, Dragoneer Investment Group LLC grew its stake in Roblox by 26.9% in the second quarter. Dragoneer Investment Group LLC now owns 11,745,203 shares of the company’s stock worth $437,039,000 after purchasing an additional 2,488,044 shares in the last quarter. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Roblox Company Profile

Roblox Corporation develops and operates an online entertainment platform in the United States and internationally. It offers Roblox Studio, a free toolset that allows developers and creators to build, publish, and operate 3D experiences, and other content; Roblox Client, an application that allows users to explore 3D experience; and Roblox Cloud, which provides services and infrastructure that power the platform.