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Roku (NASDAQ:ROKU) Shares Up 2% on Analyst Upgrade

Roku logo with Consumer Discretionary background

Roku, Inc. (NASDAQ:ROKU - Get Free Report) shares shot up 2% during trading on Friday after Bank of America raised their price target on the stock from $100.00 to $110.00. Bank of America currently has a buy rating on the stock. Roku traded as high as $88.99 and last traded at $88.12. 2,047,155 shares were traded during trading, a decline of 47% from the average session volume of 3,851,257 shares. The stock had previously closed at $86.40.

A number of other research analysts have also recently issued reports on the stock. Compass Point started coverage on shares of Roku in a report on Sunday, March 23rd. They issued a "buy" rating for the company. Wedbush restated an "outperform" rating and set a $100.00 target price on shares of Roku in a research report on Monday, June 16th. Wells Fargo & Company dropped their price objective on shares of Roku from $129.00 to $93.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Rosenblatt Securities reduced their price objective on shares of Roku from $100.00 to $75.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Finally, Benchmark reaffirmed a "buy" rating and issued a $130.00 price objective on shares of Roku in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Roku currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.37.

Get Our Latest Analysis on ROKU

Insider Activity at Roku

In related news, insider Charles Collier sold 7,181 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $75.00, for a total transaction of $538,575.00. Following the completion of the sale, the insider directly owned 10,970 shares in the company, valued at approximately $822,750. This trade represents a 39.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Matthew C. Banks sold 629 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $72.98, for a total value of $45,904.42. Following the sale, the chief accounting officer owned 8,555 shares of the company's stock, valued at $624,343.90. This trade represents a 6.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 64,020 shares of company stock valued at $4,979,594. 13.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. grew its position in Roku by 505.3% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,296,774 shares of the company's stock worth $96,402,000 after acquiring an additional 1,082,548 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Roku by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 2,147,259 shares of the company's stock worth $159,353,000 after acquiring an additional 56,820 shares during the period. Lecap Asset Management Ltd. bought a new stake in Roku in the first quarter valued at $511,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Roku by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 990,867 shares of the company's stock worth $73,661,000 after buying an additional 34,898 shares in the last quarter. Finally, Achmea Investment Management B.V. boosted its stake in Roku by 146.4% in the fourth quarter. Achmea Investment Management B.V. now owns 10,168 shares of the company's stock worth $756,000 after purchasing an additional 6,042 shares in the last quarter. Institutional investors and hedge funds own 86.30% of the company's stock.

Roku Trading Up 2.0%

The business's fifty day simple moving average is $74.15 and its 200 day simple moving average is $75.29. The stock has a market cap of $12.86 billion, a P/E ratio of -120.72 and a beta of 2.12.

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

Roku Company Profile

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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