Convergence Investment Partners LLC Buys New Position in Roku, Inc. (NASDAQ:ROKU)

Convergence Investment Partners LLC bought a new position in shares of Roku, Inc. (NASDAQ:ROKU - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 22,645 shares of the company's stock, valued at approximately $1,595,000.

Several other large investors also recently modified their holdings of ROKU. FMR LLC lifted its stake in Roku by 31.7% in the 4th quarter. FMR LLC now owns 19,183,942 shares of the company's stock valued at $1,426,134,000 after acquiring an additional 4,613,570 shares in the last quarter. Marshall Wace LLP grew its position in Roku by 663.9% in the fourth quarter. Marshall Wace LLP now owns 2,335,813 shares of the company's stock valued at $173,644,000 after purchasing an additional 2,030,036 shares in the last quarter. Cadian Capital Management LP acquired a new stake in Roku in the 4th quarter valued at $87,632,000. Jacobs Levy Equity Management Inc. lifted its position in Roku by 505.3% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,296,774 shares of the company's stock worth $96,402,000 after buying an additional 1,082,548 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in Roku by 149.8% during the 4th quarter. Two Sigma Investments LP now owns 1,210,879 shares of the company's stock worth $90,017,000 after buying an additional 726,077 shares in the last quarter. 86.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on ROKU shares. Citigroup reaffirmed a "neutral" rating and issued a $84.00 target price (up previously from $68.00) on shares of Roku in a research report on Wednesday, June 18th. Loop Capital raised Roku from a "hold" rating to a "buy" rating and boosted their price target for the stock from $80.00 to $100.00 in a research report on Tuesday, June 17th. Bank of America increased their price objective on Roku from $100.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Redburn Atlantic upgraded shares of Roku from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Monday, April 7th. Finally, Rosenblatt Securities lowered their price target on Roku from $100.00 to $75.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Roku currently has an average rating of "Moderate Buy" and an average price target of $93.92.

Insider Transactions at Roku

In other news, Director Mai Fyfield sold 914 shares of Roku stock in a transaction on Friday, June 6th. The stock was sold at an average price of $78.50, for a total value of $71,749.00. Following the completion of the transaction, the director directly owned 4,374 shares in the company, valued at approximately $343,359. The trade was a 17.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anthony J. Wood sold 25,000 shares of Roku stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $89.64, for a total value of $2,241,000.00. Following the transaction, the chief executive officer directly owned 11,953 shares of the company's stock, valued at $1,071,466.92. The trade was a 67.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 309,079 shares of company stock worth $28,091,399. Insiders own 13.98% of the company's stock.

Roku Stock Down 0.2%

Roku stock traded down $0.20 during mid-day trading on Thursday, reaching $90.05. 2,764,458 shares of the company's stock were exchanged, compared to its average volume of 3,898,788. The business's fifty day simple moving average is $81.01 and its 200 day simple moving average is $76.45. Roku, Inc. has a one year low of $48.33 and a one year high of $104.96. The firm has a market capitalization of $13.14 billion, a PE ratio of -123.35 and a beta of 2.12.

Roku (NASDAQ:ROKU - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.08. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Roku had a negative net margin of 2.49% and a negative return on equity of 4.29%. The firm's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.35) earnings per share. On average, sell-side analysts forecast that Roku, Inc. will post -0.3 earnings per share for the current year.

Roku Company Profile

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.