Roblox (NYSE:RBLX) Price Target Raised to $58.00

Roblox (NYSE:RBLX) had its target price boosted by Wells Fargo & Company from $54.00 to $58.00 in a research report report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

RBLX has been the topic of several other research reports. Piper Sandler raised their target price on Roblox from $54.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday. Raymond James boosted their price target on shares of Roblox from $51.00 to $60.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Roblox from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. The Goldman Sachs Group upped their price target on Roblox from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Macquarie lifted their price objective on Roblox from $50.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.55.

Roblox Stock Performance

Shares of RBLX stock opened at $51.44 on Friday. The company has a market capitalization of $30.79 billion, a P/E ratio of -31.37 and a beta of 1.56. Roblox has a 12-month low of $29.55 and a 12-month high of $52.65. The business’s 50 day moving average is $43.67 and its two-hundred day moving average is $39.38. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 9.04.

Roblox (NYSE:RBLX) last announced its earnings results on Thursday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.01. Roblox had a negative net margin of 30.90% and a negative return on equity of 1,283.93%. The business had revenue of $919.00 million for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the business earned ($0.45) earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts expect that Roblox will post -1.58 EPS for the current fiscal year.

Insider Activity

In related news, insider Arvind Chakravarthy sold 592 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $43.32, for a total transaction of $25,645.44. Following the completion of the transaction, the insider now directly owns 276,892 shares in the company, valued at $11,994,961.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Anthony P. Lee sold 200,000 shares of the stock in a transaction 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 sale, the director now directly owns 4,707,579 shares in the company, valued at approximately $236,932,451.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arvind Chakravarthy sold 592 shares of the company’s stock in a transaction dated 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 owns 276,892 shares in the company, valued at approximately $11,994,961.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 979,341 shares of company stock valued at $43,897,012. 22.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Roblox

A number of institutional investors and hedge funds have recently made changes to their positions in RBLX. AEGON ASSET MANAGEMENT UK Plc lifted its stake in Roblox by 23.2% in the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 447,067 shares of the company’s stock worth $19,783,000 after acquiring an additional 84,198 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Roblox during the 3rd quarter worth $100,000. Principal Financial Group Inc. lifted its position in shares of Roblox by 308.2% during the 3rd quarter. Principal Financial Group Inc. now owns 181,808 shares of the company’s stock worth $8,047,000 after purchasing an additional 137,267 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in shares of Roblox by 8.4% during the third quarter. Gulf International Bank UK Ltd now owns 37,686 shares of the company’s stock worth $1,667,000 after purchasing an additional 2,932 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Roblox by 724.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 804,488 shares of the company’s stock valued at $35,607,000 after buying an additional 706,939 shares during the last quarter. 91.08% of the stock is owned by institutional investors and hedge funds.

About Roblox

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.