Corient Private Wealth LP Raises Stock Position in Roku, Inc. $ROKU

Key Points

• Corient Private Wealth increased its Roku position by 58.7% in the second quarter, adding 49,233 shares to hold 133,101 shares valued at approximately $18.4 million. Institutional investors collectively own 86.3% of Roku.
• Roku insiders sold 105,285 shares worth about $15.8 million over the past three months, primarily through pre-arranged plans to cover tax obligations tied to equity vesting.
• Analysts maintain a consensus “Hold” rating with an average price target of $156.17, despite Roku exceeding quarterly earnings and revenue expectations and reporting 21.9% year-over-year revenue growth.

Corient Private Wealth LP increased its position in shares of Roku, Inc. (NASDAQ:ROKU - Free Report) by 58.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,101 shares of the company's stock after acquiring an additional 49,233 shares during the quarter. Corient Private Wealth LP owned about 0.09% of Roku worth $18,387,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. California State Teachers Retirement System grew its holdings in Roku by 13,741.7% in the second quarter. California State Teachers Retirement System now owns 20,912,738 shares of the company's stock worth $2,888,886,000 after purchasing an additional 20,761,653 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Roku by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 2,464,130 shares of the company's stock valued at $267,389,000 after purchasing an additional 168,214 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Roku by 229.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,038,347 shares of the company's stock worth $192,868,000 after purchasing an additional 1,419,772 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of Roku by 7,087.7% in the 4th quarter. Fred Alger Management LLC now owns 1,421,440 shares of the company's stock worth $154,212,000 after purchasing an additional 1,401,664 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Roku by 22.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,565,100 shares of the company's stock worth $148,090,000 after buying an additional 290,200 shares during the last quarter. Hedge funds and other institutional investors own 86.30% of the company's stock.

Insider Activity at Roku

In other news, insider Gilbert Fuchsberg sold 4,824 shares of the company's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $155.64, for a total value of $750,807.36. Following the sale, the insider owned 40,168 shares in the company, valued at $6,251,747.52. This represents a 10.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Christopher T. Handman sold 2,999 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $155.64, for a total value of $466,764.36. Following the sale, the senior vice president directly owned 8,997 shares in the company, valued at approximately $1,400,293.08. This trade represents a 25.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 105,285 shares of company stock worth $15,841,744 in the last three months. Company insiders own 13.45% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ROKU shares. Guggenheim lowered Roku from a "buy" rating to a "neutral" rating and upped their target price for the company from $145.00 to $160.00 in a research report on Friday, August 7th. Robert W. Baird restated a "neutral" rating and set a $160.00 price target on shares of Roku in a research note on Monday, June 15th. William Blair downgraded shares of Roku from an "outperform" rating to a "market perform" rating in a report on Monday, June 15th. Evercore downgraded shares of Roku from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Finally, Piper Sandler lowered shares of Roku from an "overweight" rating to a "neutral" rating and increased their price objective for the company from $148.00 to $160.00 in a research report on Tuesday, June 16th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nineteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $156.17.

Roku Price Performance

ROKU stock opened at $157.45 on Tuesday. The company has a market capitalization of $23.37 billion, a P/E ratio of 67.29 and a beta of 2.05. Roku, Inc. has a 12 month low of $78.53 and a 12 month high of $159.89. The firm's fifty day simple moving average is $150.33 and its 200-day simple moving average is $127.77.

Roku (NASDAQ:ROKU - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.47. The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.30 billion. Roku had a net margin of 6.82% and a return on equity of 13.73%. The firm's revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 earnings per share. As a group, sell-side analysts forecast that Roku, Inc. will post 2.85 earnings per share for the current year.

Roku Profile

Roku, Inc NASDAQ: ROKU operates a television streaming platform that connects consumers with digital entertainment. Its Roku operating system powers streaming players, Roku-branded televisions and smart-TV products made by licensing partners. The platform provides access to streaming services, live television, movies, music and other applications.

The company also operates The Roku Channel, its own ad-supported streaming service offering licensed and original content, including movies, television programs, live channels and premium subscription options.

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