Needham & Company LLC Reiterates Buy Rating for Roku (NASDAQ:ROKU)

Roku (NASDAQ:ROKU)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $100.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 20.48% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Citigroup increased their target price on shares of Roku from $60.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Jefferies Financial Group decreased their price objective on shares of Roku from $60.00 to $55.00 and set an “underperform” rating on the stock in a research report on Friday, November 1st. Baird R W raised shares of Roku from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Macquarie reissued an “outperform” rating and set a $90.00 price target on shares of Roku in a report on Thursday, October 31st. Finally, Benchmark reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Roku in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.81.

Roku Trading Up 6.4 %

ROKU opened at $83.00 on Tuesday. The firm’s 50 day simple moving average is $75.50 and its two-hundred day simple moving average is $69.71. The company has a market capitalization of $12.05 billion, a PE ratio of -69.17 and a beta of 2.05. Roku has a 1-year low of $48.33 and a 1-year high of $99.80.

Roku (NASDAQ:ROKU) last announced its earnings results on Wednesday, October 30th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.29. Roku had a negative return on equity of 7.22% and a negative net margin of 4.42%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the firm earned ($2.33) EPS. Roku’s revenue for the quarter was up 16.5% compared to the same quarter last year. Equities analysts forecast that Roku will post -1.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Matthew C. Banks sold 8,693 shares of Roku stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $71.44, for a total transaction of $621,027.92. Following the completion of the transaction, the chief accounting officer now directly owns 7,264 shares of the company’s stock, valued at approximately $518,940.16. The trade was a 54.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Dan Jedda sold 1,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $75.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,555 shares in the company, valued at $4,916,625. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,095 shares of company stock valued at $3,731,038 over the last ninety days. 13.98% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Holocene Advisors LP bought a new stake in shares of Roku during the 3rd quarter worth approximately $129,015,000. Westfield Capital Management Co. LP increased its stake in Roku by 126.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,535,576 shares of the company’s stock worth $114,646,000 after purchasing an additional 856,401 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Roku by 352.5% during the third quarter. Point72 Asset Management L.P. now owns 651,658 shares of the company’s stock worth $48,653,000 after purchasing an additional 507,643 shares during the last quarter. JAT Capital Mgmt LP boosted its stake in shares of Roku by 470.2% during the third quarter. JAT Capital Mgmt LP now owns 540,577 shares of the company’s stock valued at $40,359,000 after purchasing an additional 445,777 shares during the period. Finally, FMR LLC grew its holdings in shares of Roku by 1.7% in the third quarter. FMR LLC now owns 14,570,372 shares of the company’s stock worth $1,087,824,000 after purchasing an additional 244,793 shares during the last quarter. Hedge funds and other institutional investors own 86.30% of the company’s stock.

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.