Needham & Company LLC Issues Positive Forecast for Roku (NASDAQ:ROKU) Stock Price

Roku (NASDAQ:ROKU - Get Free Report) had its price target increased by research analysts at Needham & Company LLC from $88.50 to $100.00 in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 12.37% from the stock's current price.

Several other equities analysts have also weighed in on ROKU. Wells Fargo & Company cut their price objective on shares of Roku from $129.00 to $93.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Guggenheim reissued a "buy" rating and set a $100.00 price objective on shares of Roku in a research report on Friday, May 2nd. Pivotal Research decreased their target price on shares of Roku from $125.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Piper Sandler assumed coverage on shares of Roku in a research report on Thursday, April 17th. They issued a "neutral" rating and a $65.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Roku from $75.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Roku Stock Down 1.4%

Roku stock traded down $1.26 during trading hours on Wednesday, hitting $88.99. The stock had a trading volume of 2,250,377 shares, compared to its average volume of 3,834,784. The company has a 50-day moving average of $76.24 and a two-hundred day moving average of $75.59. The company has a market cap of $12.99 billion, a PE ratio of -121.90 and a beta of 2.12. Roku has a fifty-two week low of $48.33 and a fifty-two week high of $104.96.

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

Insider Buying and Selling at Roku

In related news, CFO Dan Jedda sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $91.00, for a total transaction of $136,500.00. Following the completion of the transaction, the chief financial officer directly owned 79,132 shares in the company, valued at $7,201,012. This represents a 1.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $71,749.00. Following the transaction, the director owned 4,374 shares of the company's stock, valued at approximately $343,359. This represents a 17.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,520 shares of company stock worth $7,357,094 over the last 90 days. 13.98% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Roku

Several institutional investors and hedge funds have recently added to or reduced their stakes in ROKU. FMR LLC increased its position in Roku by 31.7% in the 4th quarter. FMR LLC now owns 19,183,942 shares of the company's stock valued at $1,426,134,000 after acquiring an additional 4,613,570 shares during the period. Marshall Wace LLP increased its position in Roku by 663.9% in the 4th quarter. Marshall Wace LLP now owns 2,335,813 shares of the company's stock valued at $173,644,000 after acquiring an additional 2,030,036 shares during the period. Acadian Asset Management LLC increased its position in Roku by 456.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,905,779 shares of the company's stock valued at $134,222,000 after acquiring an additional 1,563,449 shares during the period. Cadian Capital Management LP acquired a new position in Roku in the 4th quarter valued at approximately $87,632,000. Finally, Jacobs Levy Equity Management Inc. increased its position in Roku by 505.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,296,774 shares of the company's stock valued at $96,402,000 after acquiring an additional 1,082,548 shares during the period. 86.30% of the stock is currently owned by institutional investors and hedge funds.

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.