Saudi Central Bank Grows Position in Roblox Corporation $RBLX

Saudi Central Bank increased its holdings in Roblox Corporation (NYSE:RBLX) by 91.6% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 41,683 shares of the company’s stock after buying an additional 19,929 shares during the quarter. Saudi Central Bank’s holdings in Roblox were worth $2,267,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. lifted its stake in Roblox by 58.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 284 shares of the company’s stock valued at $39,000 after acquiring an additional 105 shares during the period. Horizon Investments LLC grew its stake in shares of Roblox by 2,636.4% in the third quarter. Horizon Investments LLC now owns 301 shares of the company’s stock worth $42,000 after acquiring an additional 290 shares during the period. Fideuram Asset Management Ireland dac purchased a new position in shares of Roblox during the fourth quarter valued at approximately $27,000. GW&K Investment Management LLC raised its holdings in shares of Roblox by 76.3% during the fourth quarter. GW&K Investment Management LLC now owns 372 shares of the company’s stock valued at $30,000 after purchasing an additional 161 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in Roblox during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 94.46% of the company’s stock.

Roblox Trading Down 0.2%

Roblox stock opened at $43.21 on Tuesday. Roblox Corporation has a 12-month low of $33.88 and a 12-month high of $142.00. The firm has a market capitalization of $28.95 billion, a price-to-earnings ratio of -30.22 and a beta of 1.47. The firm has a 50 day moving average of $45.24 and a 200 day moving average of $50.60. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 7.82.

Roblox (NYSE:RBLX) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.08. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.60 billion. Roblox had a negative net margin of 17.60% and a negative return on equity of 292.85%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.41) earnings per share. As a group, research analysts predict that Roblox Corporation will post -1.39 earnings per share for the current year.

Roblox announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Roblox news, CEO David Baszucki sold 52,568 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $37.96, for a total value of $1,995,481.28. Following the completion of the sale, the chief executive officer owned 799,646 shares in the company, valued at approximately $30,354,562.16. This represents a 6.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $40.47, for a total value of $674,473.02. Following the sale, the director directly owned 1,261,169 shares in the company, valued at approximately $51,039,509.43. This represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 179,463 shares of company stock worth $7,280,012. 10.05% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wedbush cut shares of Roblox from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $65.00 to $40.00 in a report on Friday, July 31st. DA Davidson set a $40.00 target price on shares of Roblox in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Roblox in a report on Wednesday, June 24th. Cantor Fitzgerald started coverage on Roblox in a research report on Monday, June 29th. They set an “overweight” rating for the company. Finally, Canaccord Genuity Group set a $58.00 target price on Roblox in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Roblox has a consensus rating of “Hold” and a consensus target price of $60.89.

About Roblox

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.