Connor Clark & Lunn Investment Management Ltd. Lowers Stake in Roblox Corporation $RBLX

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Roblox Corporation (NYSE:RBLX) by 56.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 401,334 shares of the company’s stock after selling 517,744 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Roblox were worth $55,593,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RBLX. Norges Bank purchased a new stake in shares of Roblox during the 2nd quarter worth about $350,720,000. Vanguard Group Inc. raised its holdings in Roblox by 5.6% in the third quarter. Vanguard Group Inc. now owns 62,437,998 shares of the company’s stock valued at $8,648,911,000 after buying an additional 3,284,073 shares during the period. Federated Hermes Inc. lifted its position in Roblox by 103.0% during the second quarter. Federated Hermes Inc. now owns 3,245,338 shares of the company’s stock valued at $341,410,000 after buying an additional 1,646,871 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Roblox by 47.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,788,195 shares of the company’s stock valued at $503,718,000 after buying an additional 1,531,380 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in Roblox by 359.8% during the second quarter. 1832 Asset Management L.P. now owns 1,818,394 shares of the company’s stock worth $191,295,000 after buying an additional 1,422,894 shares during the period. 94.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Roth Mkm raised shares of Roblox from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $84.00 in a research report on Monday, February 9th. Wells Fargo & Company set a $97.00 price target on shares of Roblox in a research report on Monday, February 9th. Canaccord Genuity Group lowered their price target on Roblox from $160.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective (down from $125.00) on shares of Roblox in a research report on Friday, February 6th. Finally, Barclays reduced their price objective on Roblox from $130.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $117.35.

Roblox Trading Up 2.7%

NYSE RBLX opened at $60.42 on Thursday. The stock has a market cap of $39.98 billion, a P/E ratio of -38.98 and a beta of 1.62. The company’s fifty day simple moving average is $70.84 and its 200-day simple moving average is $98.39. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 2.65. Roblox Corporation has a 52 week low of $50.10 and a 52 week high of $150.59.

Roblox (NYSE:RBLX) last released its quarterly earnings results on Thursday, February 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.04. Roblox had a negative net margin of 21.78% and a negative return on equity of 304.42%. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the firm posted ($0.33) EPS. The firm’s quarterly revenue was up 122.6% on a year-over-year basis. Equities research analysts predict that Roblox Corporation will post -1.49 EPS for the current fiscal year.

Insider Activity at Roblox

In other news, insider Matthew D. Kaufman sold 30,034 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $72.65, for a total transaction of $2,181,970.10. Following the completion of the sale, the insider directly owned 307,263 shares in the company, valued at $22,322,656.95. This trade represents a 8.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Arvind Chakravarthy sold 40,646 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $67.23, for a total value of $2,732,630.58. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 703,144 shares of company stock valued at $51,681,640. 12.92% of the stock is currently owned by insiders.

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.