Capital World Investors trimmed its holdings in Roblox Corporation (NYSE:RBLX – Free Report) by 6.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 12,136,732 shares of the company’s stock after selling 854,676 shares during the period. Capital World Investors’ holdings in Roblox were worth $983,461,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Roblox by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 63,458,784 shares of the company’s stock valued at $5,142,065,000 after purchasing an additional 1,020,786 shares during the last quarter. Capital International Investors boosted its holdings in Roblox by 7.3% in the fourth quarter. Capital International Investors now owns 31,953,301 shares of the company’s stock valued at $2,589,282,000 after purchasing an additional 2,184,439 shares during the last quarter. State Street Corp boosted its holdings in Roblox by 11.0% in the third quarter. State Street Corp now owns 13,369,844 shares of the company’s stock valued at $1,851,991,000 after purchasing an additional 1,326,575 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Roblox by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 12,220,045 shares of the company’s stock valued at $988,002,000 after purchasing an additional 547,103 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Roblox by 7.4% in the third quarter. AQR Capital Management LLC now owns 9,697,538 shares of the company’s stock valued at $1,310,719,000 after purchasing an additional 665,127 shares during the last quarter. 94.46% of the stock is owned by hedge funds and other institutional investors.
Roblox Trading Up 0.2%
Shares of Roblox stock opened at $41.92 on Monday. Roblox Corporation has a 1-year low of $40.15 and a 1-year high of $150.59. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $28.15 billion, a P/E ratio of -26.53 and a beta of 1.44. The stock’s 50 day simple moving average is $51.24 and its 200-day simple moving average is $67.20.
Roblox declared that its Board of Directors has approved a share repurchase program on Tuesday, May 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 9.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the company. BTIG Research cut Roblox from a “buy” rating to a “neutral” rating in a research report on Friday, May 1st. The Goldman Sachs Group dropped their target price on Roblox from $125.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Citigroup dropped their price objective on Roblox from $90.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, May 4th. Needham & Company LLC assumed coverage on Roblox in a report on Friday, May 1st. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, HSBC lowered Roblox from a “buy” rating to a “hold” rating and set a $46.00 price objective on the stock. in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $87.07.
Insider Transactions at Roblox
In related news, CAO Amy Marie Rawlings sold 2,895 shares of Roblox stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $45.24, for a total value of $130,969.80. Following the completion of the sale, the chief accounting officer owned 35,238 shares in the company, valued at approximately $1,594,167.12. This trade represents a 7.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Jack Buckley sold 4,744 shares of Roblox stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $46.36, for a total transaction of $219,931.84. Following the completion of the sale, the insider owned 97,141 shares of the company’s stock, valued at $4,503,456.76. This trade represents a 4.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 183,471 shares of company stock worth $8,930,068 in the last three months. Company insiders own 10.05% of the company’s stock.
Roblox Profile
Roblox Corporation operates Roblox, a user-generated online platform that enables people to create, share and monetize immersive 3D experiences and games. The core offering centers on Roblox Studio, a development environment that allows independent creators and studios to design interactive worlds using the company’s building tools and scripting language. Content on the platform spans games, virtual hangouts, branded experiences and live events, all delivered through a persistent social environment.
Roblox’s business model is built around its virtual economy and creator ecosystem.
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