Roblox (NYSE:RBLX) Price Target Raised to $60.00 at Needham & Company LLC

Roblox (NYSE:RBLX) had its price objective lifted by Needham & Company LLC from $50.00 to $60.00 in a research report report published on Friday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts have also commented on the company. Macquarie lifted their price objective on Roblox from $46.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Piper Sandler lifted their price objective on Roblox from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Raymond James lifted their price objective on Roblox from $51.00 to $60.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Jefferies Financial Group started coverage on Roblox in a research note on Thursday, July 11th. They issued a “hold” rating and a $42.00 price objective on the stock. Finally, Citigroup boosted their price target on Roblox from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Roblox has a consensus rating of “Moderate Buy” and a consensus price target of $52.55.

Roblox Price Performance

Shares of Roblox stock traded down $0.28 during midday trading on Friday, hitting $51.44. The company’s stock had a trading volume of 12,925,147 shares, compared to its average volume of 9,062,251. The stock has a 50-day simple moving average of $43.67 and a 200-day simple moving average of $39.34. The company has a debt-to-equity ratio of 9.04, a quick ratio of 1.03 and a current ratio of 1.03. Roblox has a 1-year low of $29.55 and a 1-year high of $52.65.

Roblox (NYSE:RBLX) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.01. Roblox had a negative return on equity of 1,283.93% and a negative net margin of 30.90%. The firm had revenue of $919.00 million during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the firm earned ($0.45) earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities research analysts predict that Roblox will post -1.58 EPS for the current year.

Insider Buying and Selling at Roblox

In related news, CFO Michael Guthrie sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $38.82, for a total value of $1,164,600.00. Following the completion of the sale, the chief financial officer now owns 374,633 shares in the company, valued at $14,543,253.06. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Mark Reinstra sold 12,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $40.00, for a total value of $480,000.00. Following the completion of the sale, the insider now owns 342,656 shares in the company, valued at $13,706,240. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Guthrie sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $38.82, for a total transaction of $1,164,600.00. Following the completion of the sale, the chief financial officer now owns 374,633 shares of the company’s stock, valued at approximately $14,543,253.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 979,341 shares of company stock worth $43,897,012. Insiders own 22.15% of the company’s stock.

Hedge Funds Weigh In On Roblox

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RBLX. Impact Partnership Wealth LLC grew its holdings in shares of Roblox by 3.8% in the 3rd quarter. Impact Partnership Wealth LLC now owns 6,730 shares of the company’s stock valued at $298,000 after acquiring an additional 245 shares in the last quarter. Swedbank AB grew its holdings in shares of Roblox by 0.5% in the 2nd quarter. Swedbank AB now owns 53,297 shares of the company’s stock valued at $1,983,000 after acquiring an additional 285 shares in the last quarter. Thrive Wealth Management LLC grew its holdings in shares of Roblox by 4.3% in the 2nd quarter. Thrive Wealth Management LLC now owns 7,358 shares of the company’s stock valued at $274,000 after acquiring an additional 300 shares in the last quarter. Mystic Asset Management Inc. grew its holdings in shares of Roblox by 4.0% in the 1st quarter. Mystic Asset Management Inc. now owns 8,550 shares of the company’s stock valued at $326,000 after acquiring an additional 325 shares in the last quarter. Finally, Atomi Financial Group Inc. grew its holdings in shares of Roblox by 0.3% in the 3rd quarter. Atomi Financial Group Inc. now owns 136,658 shares of the company’s stock valued at $6,048,000 after acquiring an additional 380 shares in 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.