Citigroup Increases Roblox (NYSE:RBLX) Price Target to $53.00

Roblox (NYSE:RBLX) had its price objective boosted by analysts at Citigroup from $46.00 to $53.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 18.15% from the company’s current price.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company upped their target price on shares of Roblox from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 8th. Jefferies Financial Group started coverage on Roblox in a research report on Thursday, July 11th. They set a “hold” rating and a $42.00 target price on the stock. BMO Capital Markets restated an “outperform” rating and issued a $56.00 price target on shares of Roblox in a research report on Tuesday, July 30th. Needham & Company LLC lifted their price objective on Roblox from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Wedbush reiterated an “outperform” rating and set a $46.00 price objective on shares of Roblox in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.81.

Roblox Stock Performance

Shares of RBLX opened at $44.86 on Wednesday. The company has a market cap of $26.85 billion, a price-to-earnings ratio of -24.12 and a beta of 1.60. The business’s fifty day simple moving average is $42.29 and its two-hundred day simple moving average is $38.55. Roblox has a 12 month low of $26.78 and a 12 month high of $48.43. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 9.04.

Roblox (NYSE:RBLX) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.07. The firm had revenue of $893.50 million for the quarter, compared to the consensus estimate of $897.88 million. Roblox had a negative net margin of 34.12% and a negative return on equity of 1,187.59%. The business’s quarterly revenue was up 31.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.46) EPS. Research analysts anticipate that Roblox will post -1.59 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mark Reinstra sold 12,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $40.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider now directly owns 342,656 shares in the company, valued at approximately $13,706,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Roblox news, insider Mark Reinstra sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $40.00, for a total value of $480,000.00. Following the completion of the sale, the insider now directly owns 342,656 shares in the company, valued at $13,706,240. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael Guthrie sold 30,000 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $37.82, for a total value of $1,134,600.00. Following the transaction, the chief financial officer now directly owns 374,633 shares in the company, valued at $14,168,620.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 792,341 shares of company stock worth $33,923,126. Corporate insiders own 22.15% of the company’s stock.

Institutional Investors Weigh In On Roblox

Several institutional investors and hedge funds have recently made changes to their positions in RBLX. PARK CIRCLE Co acquired a new position in Roblox in the 2nd quarter worth approximately $30,000. Gilliland Jeter Wealth Management LLC raised its holdings in shares of Roblox by 102.4% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 1,000 shares of the company’s stock worth $37,000 after purchasing an additional 506 shares during the last quarter. Washington Trust Advisors Inc. acquired a new position in Roblox during the first quarter valued at $39,000. Allspring Global Investments Holdings LLC boosted its holdings in Roblox by 98.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,102 shares of the company’s stock valued at $42,000 after purchasing an additional 548 shares during the last quarter. Finally, Redwood Wealth Management Group LLC acquired a new stake in Roblox during the 2nd quarter worth about $48,000. 91.08% of the stock is currently owned by institutional investors and hedge funds.

About Roblox

Roblox Corporation develops and operates an online entertainment platform in the United States and internationally. It offers Roblox Studio, a free toolset that allows developers and creators to build, publish, and operate 3D experiences, and other content; Roblox Client, an application that allows users to explore 3D experience; and Roblox Cloud, which provides services and infrastructure that power the platform.