Meeder Asset Management Inc. Grows Position in Roku, Inc. (NASDAQ:ROKU)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in Roku by 5,497.6%, acquiring an additional 6,872 shares worth $493,000 in the recent quarter.
• Institutional investors collectively own 86.30% of Roku's stock, indicating strong interest and confidence in the company.
• Roku's recent stock performance saw its price targets revised by several analysts, with JMP Securities increasing it from $95.00 to $110.00, while UBS lowered theirs from $90.00 to $72.00.

Meeder Asset Management Inc. grew its holdings in shares of Roku, Inc. (NASDAQ:ROKU - Free Report) by 5,497.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,997 shares of the company's stock after purchasing an additional 6,872 shares during the quarter. Meeder Asset Management Inc.'s holdings in Roku were worth $493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ROKU. American Century Companies Inc. boosted its stake in Roku by 83.7% in the 4th quarter. American Century Companies Inc. now owns 49,593 shares of the company's stock worth $3,687,000 after purchasing an additional 22,600 shares during the period. Sei Investments Co. lifted its holdings in shares of Roku by 152.2% in the 4th quarter. Sei Investments Co. now owns 23,645 shares of the company's stock worth $1,758,000 after acquiring an additional 14,268 shares during the last quarter. LPL Financial LLC grew its stake in shares of Roku by 10.4% during the fourth quarter. LPL Financial LLC now owns 130,437 shares of the company's stock valued at $9,697,000 after buying an additional 12,298 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Roku by 16.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 95,437 shares of the company's stock valued at $7,385,000 after purchasing an additional 13,799 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Roku in the fourth quarter valued at about $4,351,000. 86.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Mai Fyfield sold 914 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $78.50, for a total value of $71,749.00. Following the sale, the director owned 4,374 shares in the company, valued at $343,359. This represents a 17.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Anthony J. Wood sold 25,000 shares of Roku stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $89.64, for a total value of $2,241,000.00. Following the transaction, the chief executive officer directly owned 11,953 shares of the company's stock, valued at $1,071,466.92. This trade represents a 67.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 309,079 shares of company stock worth $28,091,399 in the last ninety days. 13.98% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ROKU shares. Wedbush reissued an "outperform" rating and set a $100.00 price objective on shares of Roku in a research report on Monday. Guggenheim reaffirmed a "buy" rating and issued a $100.00 target price on shares of Roku in a research report on Friday, May 2nd. Rosenblatt Securities lowered their price objective on Roku from $100.00 to $75.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. UBS Group cut their price target on Roku from $90.00 to $72.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Finally, Wall Street Zen raised shares of Roku from a "hold" rating to a "buy" rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $93.92.

Roku Price Performance

Shares of Roku stock traded up $1.62 during trading hours on Wednesday, hitting $92.00. The company had a trading volume of 3,125,017 shares, compared to its average volume of 2,594,262. The company's 50-day moving average is $82.62 and its two-hundred day moving average is $76.71. The company has a market cap of $13.43 billion, a P/E ratio of -126.03 and a beta of 2.12. Roku, Inc. has a twelve month low of $48.33 and a twelve month high of $104.96.

Roku (NASDAQ:ROKU - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.19) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.08. Roku had a negative net margin of 2.49% and a negative return on equity of 4.29%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the business earned ($0.35) EPS. Roku's quarterly revenue was up 15.8% compared to the same quarter last year. Sell-side analysts expect that Roku, Inc. will post -0.3 EPS for the current year.

About Roku

Roku, Inc, together with its subsidiaries, operates a TV streaming platform in the United states and internationally. The company operates in two segments, Platform and Devices. Its streaming platform allows users to find and access TV shows, movies, news, sports, and others. The Platform segment offers digital advertising, including direct and programmatic video advertising, media and entertainment promotional spending, and related services; and streaming services distribution, such as subscription and transaction revenue shares, and sale of premium subscriptions and branded app buttons on remote controls.