TD Asset Management Inc Sells 158,073 Shares of Roku, Inc. (NASDAQ:ROKU)

Key Points

• TD Asset Management Inc significantly reduced its stake in Roku, Inc. by selling 158,073 shares, which represents a 92.6% decrease, leaving them with only 12,580 shares valued at $886,000.
• Insider transactions showed notable sales, with insider Charles Collier selling 212,559 shares for over $20 million, contributing to a recent total of 308,873 shares sold by insiders worth approximately $28 million.
• Roku reported earnings that exceeded expectations with a revenue of $1.11 billion, which is a 14.7% increase from the previous year, while analysts have given it a consensus rating of "Moderate Buy."

TD Asset Management Inc cut its stake in Roku, Inc. (NASDAQ:ROKU - Free Report) by 92.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,580 shares of the company's stock after selling 158,073 shares during the period. TD Asset Management Inc's holdings in Roku were worth $886,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ROKU. FMR LLC grew its position in shares of Roku by 31.7% during the 4th quarter. FMR LLC now owns 19,183,942 shares of the company's stock worth $1,426,134,000 after buying an additional 4,613,570 shares during the period. Marshall Wace LLP grew its position in shares of Roku by 663.9% during the 4th quarter. Marshall Wace LLP now owns 2,335,813 shares of the company's stock worth $173,644,000 after buying an additional 2,030,036 shares during the period. Cadian Capital Management LP acquired a new stake in shares of Roku during the 4th quarter worth approximately $87,632,000. Jacobs Levy Equity Management Inc. grew its position in shares of Roku by 505.3% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,296,774 shares of the company's stock worth $96,402,000 after buying an additional 1,082,548 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Roku by 149.8% during the 4th quarter. Two Sigma Investments LP now owns 1,210,879 shares of the company's stock worth $90,017,000 after buying an additional 726,077 shares during the period. 86.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ROKU has been the subject of several analyst reports. Bank of America lifted their price target on shares of Roku from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Redburn Atlantic raised shares of Roku from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Monday, April 7th. Susquehanna upped their target price on shares of Roku from $85.00 to $110.00 and gave the company a "positive" rating in a research note on Friday. Benchmark reaffirmed a "buy" rating and issued a $130.00 target price on shares of Roku in a research note on Friday, May 2nd. Finally, Evercore ISI lowered their target price on shares of Roku from $105.00 to $80.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $98.96.

Insider Activity

In other news, CAO Matthew C. Banks sold 3,360 shares of Roku stock in a transaction on Monday, August 4th. The stock was sold at an average price of $85.05, for a total transaction of $285,768.00. Following the sale, the chief accounting officer directly owned 5,195 shares in the company, valued at $441,834.75. The trade was a 39.28% decrease in their position. The transaction was disclosed in a document filed 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 sale, the chief executive officer owned 11,953 shares in the company, valued at $1,071,466.92. The trade was a 67.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 312,233 shares of company stock valued at $28,362,681 over the last quarter. 13.98% of the stock is owned by insiders.

Roku Stock Performance

Shares of ROKU stock traded down $2.19 during trading hours on Tuesday, hitting $83.64. 5,273,870 shares of the company were exchanged, compared to its average volume of 3,985,599. The company has a 50 day simple moving average of $84.34 and a two-hundred day simple moving average of $77.10. Roku, Inc. has a fifty-two week low of $51.30 and a fifty-two week high of $104.96. The firm has a market cap of $12.21 billion, a P/E ratio of -199.14, a P/E/G ratio of 16.16 and a beta of 2.05.

Roku (NASDAQ:ROKU - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.23. Roku had a negative net margin of 1.40% and a negative return on equity of 2.44%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the firm posted ($0.18) EPS. Roku's revenue was up 14.7% compared to the same quarter last year. As a group, sell-side analysts expect that Roku, Inc. will post -0.3 EPS for the current fiscal year.

Roku Company Profile

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.