Cadian Capital Management LP Makes New Investment in Roku, Inc. (NASDAQ:ROKU)

Cadian Capital Management LP acquired a new position in Roku, Inc. (NASDAQ:ROKU - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,178,800 shares of the company's stock, valued at approximately $87,632,000. Roku accounts for 5.0% of Cadian Capital Management LP's holdings, making the stock its 8th biggest position. Cadian Capital Management LP owned approximately 0.81% of Roku at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ROKU. Geneos Wealth Management Inc. lifted its stake in shares of Roku by 369.9% in the 4th quarter. Geneos Wealth Management Inc. now owns 343 shares of the company's stock valued at $25,000 after purchasing an additional 270 shares during the period. Vision Financial Markets LLC purchased a new position in Roku during the fourth quarter valued at $30,000. Game Plan Financial Advisors LLC purchased a new position in Roku during the fourth quarter valued at $37,000. Harvest Fund Management Co. Ltd grew its position in shares of Roku by 4,091.7% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 503 shares of the company's stock worth $37,000 after buying an additional 491 shares during the period. Finally, Allianz SE bought a new position in shares of Roku in the 4th quarter worth about $39,000. 86.30% of the stock is currently owned by institutional investors.

Insider Activity at Roku

In other news, CFO Dan Jedda sold 1,000 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $75.00, for a total transaction of $75,000.00. Following the transaction, the chief financial officer now owns 68,843 shares of the company's stock, valued at approximately $5,163,225. This represents a 1.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anthony J. Wood sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $87.93, for a total value of $2,198,250.00. Following the sale, the chief executive officer now directly owns 26,538 shares of the company's stock, valued at $2,333,486.34. This represents a 48.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,111 shares of company stock valued at $6,575,362. Insiders own 13.98% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ROKU. Bank of America assumed coverage on shares of Roku in a report on Thursday, March 27th. They issued a "buy" rating and a $100.00 price objective on the stock. Benchmark reaffirmed a "buy" rating and set a $130.00 price objective on shares of Roku in a research report on Friday, May 2nd. Rosenblatt Securities dropped their target price on Roku from $100.00 to $75.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Pivotal Research reduced their price target on Roku from $125.00 to $100.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, Citigroup reduced their price target on shares of Roku from $81.00 to $68.00 and set a "neutral" rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $87.93.

Roku Stock Down 0.7 %

NASDAQ ROKU traded down $0.40 during trading on Wednesday, hitting $59.89. 3,315,957 shares of the stock traded hands, compared to its average volume of 3,764,404. Roku, Inc. has a 12-month low of $48.33 and a 12-month high of $104.96. The firm has a 50-day simple moving average of $67.73 and a 200-day simple moving average of $74.91. The company has a market capitalization of $8.74 billion, a P/E ratio of -67.29 and a beta of 2.06.

Roku (NASDAQ:ROKU - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.19) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.08. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Roku had a negative net margin of 3.15% and a negative return on equity of 5.34%. Roku's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) earnings per share. As a group, research analysts predict that Roku, Inc. will post -0.3 EPS for the current fiscal year.

About Roku

Roku, Inc, together with its subsidiaries, operates a TV streaming platform in the United states and internationally. The company operates in two segments, Platform and Devices. Its streaming platform allows users to find and access TV shows, movies, news, sports, and others. The Platform segment offers digital advertising, including direct and programmatic video advertising, media and entertainment promotional spending, and related services; and streaming services distribution, such as subscription and transaction revenue shares, and sale of premium subscriptions and branded app buttons on remote controls.