California State Teachers Retirement System increased its position in shares of Roblox Corporation (NYSE:RBLX – Free Report) by 5,370.1% in the second quarter, HoldingsChannel reports. The firm owned 49,445,613 shares of the company’s stock after acquiring an additional 48,541,681 shares during the quarter. California State Teachers Retirement System owned 0.07% of Roblox worth $2,688,852,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Roblox by 379.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 921,424 shares of the company’s stock worth $53,102,000 after acquiring an additional 729,379 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab raised its holdings in shares of Roblox by 35.5% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 130,130 shares of the company’s stock worth $7,076,000 after purchasing an additional 34,120 shares during the last quarter. Glynn Capital Management LLC acquired a new position in Roblox during the fourth quarter valued at $5,706,000. Assenagon Asset Management S.A. lifted its position in Roblox by 89.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,893,790 shares of the company’s stock valued at $102,984,000 after purchasing an additional 891,634 shares during the period. Finally, Odyssean LLC boosted its holdings in Roblox by 344.4% in the second quarter. Odyssean LLC now owns 40,038 shares of the company’s stock valued at $2,177,000 after purchasing an additional 31,029 shares during the last quarter. Hedge funds and other institutional investors own 94.46% of the company’s stock.
Roblox Stock Performance
Shares of NYSE RBLX opened at $44.84 on Friday. The company has a market capitalization of $30.05 billion, a PE ratio of -31.36 and a beta of 1.47. The company has a debt-to-equity ratio of 7.82, a quick ratio of 0.82 and a current ratio of 0.82. The company’s fifty day moving average price is $44.56 and its 200 day moving average price is $50.21. Roblox Corporation has a 1 year low of $33.88 and a 1 year high of $142.00.
Roblox declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several brokerages have weighed in on RBLX. Moffett Nathanson reaffirmed a “neutral” rating and set a $40.00 price target on shares of Roblox in a research report on Monday, August 3rd. Wall Street Zen raised Roblox from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Benchmark downgraded Roblox from a “hold” rating to a “sell” rating and set a $33.00 target price on the stock. in a research note on Friday, July 31st. Cantor Fitzgerald assumed coverage on Roblox in a research note on Monday, June 29th. They issued an “overweight” rating on the stock. Finally, BTIG Research lowered Roblox from a “neutral” rating to a “sell” rating and set a $30.00 target price on the stock. in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Roblox has a consensus rating of “Hold” and a consensus price target of $59.21.
Read Our Latest Stock Analysis on Roblox
Insider Activity
In other Roblox news, Director Gregory Baszucki sold 16,666 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $40.47, for a total transaction of $674,473.02. Following the transaction, the director owned 1,261,169 shares in the company, valued at approximately $51,039,509.43. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Reinstra sold 5,773 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $44.80, for a total value of $258,630.40. Following the transaction, the insider owned 392,291 shares in the company, valued at $17,574,636.80. This represents a 1.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 185,236 shares of company stock worth $7,538,642. 10.05% of the stock is currently owned by corporate insiders.
Roblox Company Profile
Roblox Corporation develops and operates Roblox, an online platform where users can create, share and play interactive experiences. The platform supports a broad range of user-generated content, including games, social spaces, educational activities and entertainment experiences, and is accessible across computers, mobile devices, consoles and other supported platforms.
Roblox provides development tools through Roblox Studio, while its virtual economy uses Robux, a digital currency that users can purchase and spend on virtual items, avatar customization and other platform content.
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