Needham & Company LLC Issues Positive Forecast for Roblox (NYSE:RBLX) Stock Price

Roblox (NYSE:RBLX) had its target price increased by research analysts at Needham & Company LLC from $50.00 to $55.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 10.35% from the company’s previous close.

A number of other brokerages have also issued reports on RBLX. Seaport Research Partners lowered shares of Roblox to a “neutral” rating in a research report on Monday, June 29th. BMO Capital Markets lowered shares of Roblox from an “outperform” rating to a “market perform” rating and set a $45.00 price target for the company. in a research note on Friday, July 31st. B. Riley Financial decreased their price objective on shares of Roblox from $80.00 to $45.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Oppenheimer reiterated an “outperform” rating on shares of Roblox in a research note on Friday, September 11th. Finally, Canaccord Genuity Group set a $58.00 target price on Roblox in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Roblox has a consensus rating of “Hold” and an average price target of $60.79.

Roblox Stock Down 2.7%

Shares of Roblox stock opened at $49.84 on Wednesday. The company has a debt-to-equity ratio of 7.82, a current ratio of 0.82 and a quick ratio of 0.82. Roblox has a 1-year low of $33.88 and a 1-year high of $142.00. The business’s fifty day moving average price is $43.47 and its two-hundred day moving average price is $49.16. The company has a market capitalization of $33.39 billion, a P/E ratio of -34.85 and a beta of 1.47.

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

Insider Transactions at Roblox

In other Roblox news, CEO David Baszucki sold 52,568 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $37.96, for a total value of $1,995,481.28. Following the completion of the sale, the chief executive officer directly owned 799,646 shares of the company’s stock, valued at approximately $30,354,562.16. This represents a 6.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Gregory Baszucki sold 16,666 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were 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 of the company’s stock, valued at approximately $51,039,509.43. This trade represents a 1.30% 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 sold 185,236 shares of company stock valued at $7,538,642 in the last quarter. 10.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management purchased a new position in shares of Roblox in the first quarter worth approximately $25,000. Fideuram Asset Management Ireland dac purchased a new stake in shares of Roblox in the 4th quarter valued at approximately $27,000. Basecamp Wealth Advisors LLC boosted its stake in Roblox by 98.8% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 507 shares of the company’s stock worth $29,000 after purchasing an additional 252 shares during the period. Root Financial Partners LLC boosted its stake in Roblox by 100.7% in the 1st quarter. Root Financial Partners LLC now owns 564 shares of the company’s stock worth $32,000 after purchasing an additional 283 shares during the period. Finally, Western Wealth Management LLC purchased a new position in Roblox during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds 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.