Bellwether Advisors LLC Has $2.37 Million Stock Position in Roblox Corporation $RBLX

Key Points

• Bellwether Advisors LLC cut its Roblox stake by 59.9% in the fourth quarter, leaving it with 29,303 shares valued at about $2.37 million.
• Roblox insiders have been selling shares recently, including CEO David Baszucki, who sold 50,628 shares in May; insiders have sold 178,453 shares over the past 90 days.
• The company announced a $3 billion share buyback plan, even as the stock fell 4.8% and analysts maintained a mixed outlook with a consensus rating of Hold.

Bellwether Advisors LLC trimmed its position in Roblox Corporation (NYSE:RBLX - Free Report) by 59.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,303 shares of the company's stock after selling 43,815 shares during the quarter. Bellwether Advisors LLC's holdings in Roblox were worth $2,374,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in RBLX. Vanguard Group Inc. boosted its holdings in shares of Roblox by 5.6% in the third quarter. Vanguard Group Inc. now owns 62,437,998 shares of the company's stock worth $8,648,911,000 after buying an additional 3,284,073 shares during the period. State Street Corp boosted its holdings in shares of Roblox by 11.0% in the third quarter. State Street Corp now owns 13,369,844 shares of the company's stock worth $1,851,991,000 after buying an additional 1,326,575 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Roblox by 342.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,551,456 shares of the company's stock worth $125,714,000 after buying an additional 1,200,900 shares during the period. Durable Capital Partners LP boosted its holdings in shares of Roblox by 32.4% in the second quarter. Durable Capital Partners LP now owns 4,588,728 shares of the company's stock worth $482,734,000 after buying an additional 1,122,153 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Roblox by 48.9% in the third quarter. Invesco Ltd. now owns 2,625,710 shares of the company's stock worth $363,713,000 after buying an additional 862,754 shares during the period. 94.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO David Baszucki sold 50,628 shares of Roblox stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $45.28, for a total value of $2,292,435.84. Following the transaction, the chief executive officer owned 852,214 shares of the company's stock, valued at $38,588,249.92. This trade represents a 5.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 Roblox stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $57.95, for a total transaction of $965,794.70. Following the completion of the transaction, the director directly owned 1,302,834 shares in the company, valued at approximately $75,499,230.30. This represents a 1.26% 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. Over the last 90 days, insiders have sold 178,453 shares of company stock valued at $8,696,984. 10.05% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RBLX shares. TD Cowen raised shares of Roblox from a "sell" rating to a "hold" rating and reduced their price target for the stock from $54.00 to $49.00 in a research report on Friday, May 1st. The Goldman Sachs Group reduced their price target on shares of Roblox from $125.00 to $65.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Wedbush lowered shares of Roblox from a "hold" rating to a "neutral" rating in a research report on Friday, May 1st. Morgan Stanley reissued an "overweight" rating and issued a $62.00 price target on shares of Roblox in a research report on Friday, May 1st. Finally, Canaccord Genuity Group reduced their price target on shares of Roblox from $140.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Roblox currently has an average rating of "Hold" and a consensus target price of $87.07.

Roblox Trading Down 4.8%

NYSE:RBLX opened at $45.86 on Wednesday. Roblox Corporation has a 12 month low of $40.15 and a 12 month high of $150.59. The firm has a market cap of $30.80 billion, a price-to-earnings ratio of -29.03 and a beta of 1.50. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 2.45. The company's 50 day moving average is $53.19 and its 200-day moving average is $70.48.

Roblox (NYSE:RBLX - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. Roblox had a negative net margin of 20.69% and a negative return on equity of 277.69%. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the firm posted ($0.32) earnings per share. The company's quarterly revenue was up 43.4% compared to the same quarter last year. Equities analysts anticipate that Roblox Corporation will post -1.4 EPS for the current year.

Roblox declared that its board has approved a share buyback plan on Tuesday, May 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Roblox Company Profile

Roblox Corporation operates Roblox, a user-generated online platform that enables people to create, share and monetize immersive 3D experiences and games. The core offering centers on Roblox Studio, a development environment that allows independent creators and studios to design interactive worlds using the company's building tools and scripting language. Content on the platform spans games, virtual hangouts, branded experiences and live events, all delivered through a persistent social environment.

Roblox's business model is built around its virtual economy and creator ecosystem.

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