Roblox (NYSE:RBLX) Price Target Raised to $55.00

Roblox (NYSE:RBLX) had its price target hoisted by Needham & Company LLC from $50.00 to $55.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on RBLX. Wells Fargo & Company raised their target price on shares of Roblox from $46.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, September 14th. Benchmark downgraded Roblox from a “hold” rating to a “sell” rating and set a $33.00 price target on the stock. in a research report on Friday, July 31st. Cantor Fitzgerald began coverage on Roblox in a research note on Monday, June 29th. They issued an “overweight” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Roblox in a research report on Monday. Finally, TD Cowen reduced their target price on Roblox from $49.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $60.79.

Roblox Stock Performance

NYSE RBLX opened at $46.55 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 7.82. The firm’s fifty day moving average price is $43.10 and its two-hundred day moving average price is $48.92. Roblox has a 1 year low of $33.88 and a 1 year high of $142.00. The firm has a market capitalization of $31.19 billion, a P/E ratio of -32.55 and a beta of 1.47.

Roblox (NYSE:RBLX) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.08. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Roblox had a negative net margin of 17.60% and a negative return on equity of 292.85%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.41) earnings per share. As a group, research analysts anticipate that Roblox will post -1.39 EPS for the current year.

Insider Buying and Selling

In other news, CEO David Baszucki sold 52,568 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $37.96, for a total value of $1,995,481.28. Following the transaction, the chief executive officer owned 799,646 shares of the company’s stock, valued at approximately $30,354,562.16. This represents a 6.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Naveen Chopra sold 17,509 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $37.96, for a total value of $664,641.64. Following the transaction, the chief financial officer owned 363,249 shares in the company, valued at approximately $13,788,932.04. This trade represents a 4.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 185,236 shares of company stock valued at $7,538,642 in the last ninety days. 10.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RBLX. Capital International Investors raised its position in shares of Roblox by 7.3% in the 4th quarter. Capital International Investors now owns 31,953,301 shares of the company’s stock valued at $2,589,282,000 after buying an additional 2,184,439 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Roblox by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 12,220,045 shares of the company’s stock worth $988,002,000 after acquiring an additional 547,103 shares in the last quarter. Norges Bank acquired a new stake in shares of Roblox during the 4th quarter worth approximately $435,424,000. Renaissance Technologies LLC increased its stake in Roblox by 7.5% in the first quarter. Renaissance Technologies LLC now owns 7,126,134 shares of the company’s stock valued at $403,054,000 after acquiring an additional 497,625 shares during the last quarter. Finally, Amundi increased its stake in Roblox by 83.7% in the first quarter. Amundi now owns 5,774,151 shares of the company’s stock valued at $326,586,000 after acquiring an additional 2,631,074 shares during the last quarter. Institutional investors own 94.46% of the company’s stock.

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.