North Dakota State Investment Board Acquires New Stake in Roblox Corporation $RBLX

Key Points

• North Dakota State Investment Board opened a new position in Roblox, buying 29,880 shares valued at about $2.42 million in the fourth quarter.
• Roblox continues to attract heavy institutional interest, with several other funds adding to or starting positions and 94.46% of the stock now held by hedge funds and other institutional investors.
• Analysts remain mixed on the stock: Goldman Sachs and Canaccord cut price targets but kept bullish ratings, while the overall consensus sits at “Hold” with an average target price of $87.17.

North Dakota State Investment Board bought a new position in Roblox Corporation (NYSE:RBLX - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 29,880 shares of the company's stock, valued at approximately $2,421,000.

Several other hedge funds have also made changes to their positions in the company. National Pension Service increased its position in Roblox by 7.3% during the 3rd quarter. National Pension Service now owns 1,697,820 shares of the company's stock valued at $235,182,000 after buying an additional 115,096 shares in the last quarter. Cypress Wealth Services LLC acquired a new position in Roblox during the 4th quarter valued at about $2,373,000. Yarbrough Capital LLC increased its position in Roblox by 1,514.5% during the 4th quarter. Yarbrough Capital LLC now owns 57,331 shares of the company's stock valued at $4,646,000 after buying an additional 53,780 shares in the last quarter. Triglav Investments D.O.O. acquired a new position in Roblox during the 3rd quarter valued at about $3,186,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Roblox by 28.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,590 shares of the company's stock valued at $10,609,000 after buying an additional 16,915 shares in the last quarter. 94.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Gregory Baszucki sold 16,666 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $44.97, for a total value of $749,470.02. Following the completion of the sale, the director owned 1,294,501 shares of the company's stock, valued at approximately $58,213,709.97. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Baszucki sold 10,834 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $61.63, for a total value of $667,699.42. Following the completion of the sale, the chief executive officer directly owned 800,539 shares of the company's stock, valued at approximately $49,337,218.57. This represents a 1.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 76,144 shares of company stock worth $4,235,769 in the last three months. Company insiders own 10.05% of the company's stock.

Analyst Ratings Changes

RBLX has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their target price on Roblox from $125.00 to $65.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. BMO Capital Markets reaffirmed an "outperform" rating on shares of Roblox in a research report on Friday, February 6th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Roblox in a research report on Friday, March 27th. TD Cowen raised Roblox from a "sell" rating to a "hold" rating and reduced their target price for the company from $54.00 to $49.00 in a research report on Friday, May 1st. Finally, Canaccord Genuity Group cut their price objective on Roblox from $140.00 to $80.00 and set a "buy" rating on the stock in a 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 assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $87.17.

Roblox Stock Performance

Shares of RBLX stock opened at $47.05 on Tuesday. The company has a market capitalization of $31.60 billion, a P/E ratio of -29.78 and a beta of 1.50. The business's 50 day moving average is $54.77 and its two-hundred day moving average is $73.27. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 2.45. Roblox Corporation has a 12-month low of $40.15 and a 12-month high of $150.59.

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

About Roblox

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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