Roblox Corporation $RBLX Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management cut its Roblox stake by 8.4% in the fourth quarter, selling 41,896 shares and ending with 455,967 shares worth about $36.9 million.
• Several analysts slashed price targets on Roblox, and the stock’s consensus rating is now “Hold” with an average target of $87.07.
• Roblox reported Q1 earnings that beat EPS estimates but missed revenue expectations, while the company also announced a $3 billion share buyback authorization.

Panagora Asset Management Inc. decreased its holdings in shares of Roblox Corporation (NYSE:RBLX - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 455,967 shares of the company's stock after selling 41,896 shares during the quarter. Panagora Asset Management Inc. owned about 0.07% of Roblox worth $36,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cypress Wealth Services LLC acquired a new stake in Roblox during the fourth quarter worth $2,373,000. Yarbrough Capital LLC boosted its position in shares of Roblox by 1,514.5% during the fourth quarter. Yarbrough Capital LLC now owns 57,331 shares of the company's stock worth $4,646,000 after buying an additional 53,780 shares during the period. Glynn Capital Management LLC purchased a new position in shares of Roblox during the fourth quarter worth $5,706,000. Norges Bank purchased a new position in shares of Roblox during the fourth quarter worth $435,424,000. Finally, Vanguard Group Inc. boosted its position in shares of Roblox by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 63,458,784 shares of the company's stock worth $5,142,065,000 after buying an additional 1,020,786 shares during the period. Institutional investors and hedge funds own 94.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group lowered their price target on Roblox from $74.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. The Goldman Sachs Group lowered their price target on Roblox from $125.00 to $65.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Barclays lowered their price target on Roblox from $115.00 to $60.00 and set an "equal weight" rating for the company in a research report on Friday, May 1st. Piper Sandler lowered Roblox from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $100.00 to $50.00 in a research report on Monday, May 4th. Finally, Citigroup lowered their price target on Roblox from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $87.07.

Roblox Trading Up 5.4%

NYSE:RBLX opened at $45.67 on Tuesday. The firm has a market cap of $30.67 billion, a PE ratio of -28.90 and a beta of 1.44. The stock has a fifty day moving average price of $49.78 and a 200 day moving average price of $65.07. Roblox Corporation has a 12-month low of $40.15 and a 12-month high of $150.59. 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 (NYSE:RBLX - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.74 billion. Roblox had a negative return on equity of 277.69% and a negative net margin of 20.69%.Roblox's revenue was up 43.4% compared to the same quarter last year. During the same period last year, the business posted ($0.32) earnings per share. Sell-side analysts anticipate that Roblox Corporation will post -1.4 earnings per share 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 buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 9.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Roblox

In related news, insider Matthew D. Kaufman sold 14,356 shares of Roblox stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $45.27, for a total value of $649,896.12. Following the completion of the transaction, the insider directly owned 349,964 shares in the company, valued at approximately $15,842,870.28. This trade represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 on Wednesday, April 1st. The shares were sold at an average price of $57.95, for a total value of $965,794.70. Following the completion of the transaction, the director owned 1,302,834 shares of the company's stock, valued at approximately $75,499,230.30. This trade represents a 1.26% 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. Insiders sold a total of 189,449 shares of company stock valued at $9,179,410 in the last 90 days. Insiders own 10.05% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.