Roblox Corporation $RBLX Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Roblox stake by 89% in the second quarter, adding 891,634 shares to own 1.89 million shares worth approximately $103 million. Institutional investors and hedge funds collectively own 94.46% of RBLX.
• Roblox reported a quarterly loss of $0.26 per share, beating estimates for a $0.34 loss, while revenue rose 8.3% year over year to $1.47 billion but fell short of the $1.60 billion consensus forecast.
• The company authorized a $3 billion share-repurchase program covering up to 9.5% of its shares. Analysts remain cautious, with a consensus “Hold” rating and an average price target of $60.89.

Assenagon Asset Management S.A. grew its position in shares of Roblox Corporation (NYSE:RBLX - Free Report) by 89.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,893,790 shares of the company's stock after purchasing an additional 891,634 shares during the period. Assenagon Asset Management S.A. owned approximately 0.28% of Roblox worth $102,984,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RBLX. Allspring Global Investments Holdings LLC raised its position in shares of Roblox by 379.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 921,424 shares of the company's stock worth $53,102,000 after buying an additional 729,379 shares in the last quarter. Glynn Capital Management LLC bought a new position in shares of Roblox in the fourth quarter valued at approximately $5,706,000. Militia Capital Management LLC bought a new position in shares of Roblox in the first quarter valued at approximately $2,590,000. Engineers Gate Manager LP increased its stake in shares of Roblox by 97.0% during the fourth quarter. Engineers Gate Manager LP now owns 293,744 shares of the company's stock valued at $23,802,000 after acquiring an additional 144,600 shares during the period. Finally, Spyglass Capital Management LLC acquired a new position in shares of Roblox during the first quarter valued at approximately $44,116,000. 94.46% of the stock is owned by institutional investors and hedge funds.

Roblox Stock Up 5.0%

Shares of Roblox stock opened at $37.84 on Friday. Roblox Corporation has a 1 year low of $33.88 and a 1 year high of $142.00. The company has a market cap of $25.35 billion, a P/E ratio of -26.46 and a beta of 1.46. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 7.82. The stock has a 50-day moving average price of $48.28 and a 200 day moving average price of $55.31.

Roblox (NYSE:RBLX - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.08. The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.60 billion. Roblox had a negative return on equity of 292.85% and a negative net margin of 17.60%.The business's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.41) EPS. As a group, analysts expect that Roblox Corporation will post -1.39 EPS for the current fiscal year.

Roblox announced that its Board of Directors has initiated a share buyback program on Tuesday, May 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RBLX shares. Wells Fargo & Company set a $46.00 price objective on Roblox in a research note on Monday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Roblox in a research note on Wednesday, June 24th. Moffett Nathanson reaffirmed a "neutral" rating and set a $40.00 target price on shares of Roblox in a report on Monday. B. Riley Financial dropped their price target on shares of Roblox from $80.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Finally, Canaccord Genuity Group set a $58.00 price target on shares of Roblox in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Roblox has an average rating of "Hold" and an average price target of $60.89.

Insider Buying and Selling at Roblox

In other news, CEO David Baszucki sold 50,628 shares of Roblox stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $45.28, for a total transaction of $2,292,435.84. Following the completion of the sale, the chief executive officer directly owned 852,214 shares in the company, valued at $38,588,249.92. The trade was a 5.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Reinstra sold 4,512 shares of the firm's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $57.34, for a total transaction of $258,718.08. Following the transaction, the insider directly owned 422,248 shares in the company, valued at approximately $24,211,700.32. The trade was a 1.06% 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. Insiders sold 161,983 shares of company stock valued at $7,455,828 in the last quarter. Corporate insiders own 10.05% of the company's stock.

Roblox 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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