Allstate Corp Increases Holdings in Roblox Corporation $RBLX

Allstate Corp increased its holdings in shares of Roblox Corporation (NYSE:RBLX) by 119.0% in the fourth quarter, Holdings Channel reports. The firm owned 44,408 shares of the company’s stock after acquiring an additional 24,127 shares during the period. Allstate Corp’s holdings in Roblox were worth $3,598,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in RBLX. Vanguard Group Inc. boosted its position in Roblox by 5.6% during the 3rd quarter. Vanguard Group Inc. now owns 62,437,998 shares of the company’s stock worth $8,648,911,000 after purchasing an additional 3,284,073 shares during the period. State Street Corp boosted its position in Roblox by 11.0% during the 3rd quarter. State Street Corp now owns 13,369,844 shares of the company’s stock worth $1,851,991,000 after purchasing an additional 1,326,575 shares during the period. Assenagon Asset Management S.A. boosted its position in Roblox by 342.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,551,456 shares of the company’s stock worth $125,714,000 after purchasing an additional 1,200,900 shares during the period. Durable Capital Partners LP boosted its position in Roblox by 32.4% during the 2nd quarter. Durable Capital Partners LP now owns 4,588,728 shares of the company’s stock worth $482,734,000 after purchasing an additional 1,122,153 shares during the period. Finally, Invesco Ltd. boosted its position in Roblox by 48.9% during the 3rd quarter. Invesco Ltd. now owns 2,625,710 shares of the company’s stock worth $363,713,000 after purchasing an additional 862,754 shares during the period. 94.46% of the stock is owned by hedge funds and other institutional investors.

Roblox Stock Performance

NYSE:RBLX opened at $45.73 on Thursday. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $52.92 and a two-hundred day moving average of $70.09. The stock has a market cap of $30.71 billion, a P/E ratio of -28.95 and a beta of 1.50. Roblox Corporation has a 1-year low of $40.15 and a 1-year high of $150.59.

Roblox (NYSE:RBLX) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.06. Roblox had a negative net margin of 20.69% and a negative return on equity of 277.69%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the company posted ($0.32) earnings per share. The company’s quarterly revenue was up 43.4% compared to the same quarter last year. On average, research analysts expect that Roblox Corporation will post -1.4 earnings per share for the current fiscal year.

Roblox declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 9.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Roblox

In other news, insider Matthew D. Kaufman sold 14,356 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $45.27, for a total transaction of $649,896.12. Following the transaction, the insider owned 349,964 shares of the company’s stock, valued at approximately $15,842,870.28. This trade represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Reinstra sold 18,653 shares of the stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $57.94, for a total transaction of $1,080,754.82. Following the transaction, the insider directly owned 455,473 shares in the company, valued at $26,390,105.62. The trade was a 3.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 183,471 shares of company stock valued at $8,930,068. Corporate insiders own 10.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RBLX. DA Davidson decreased their price target on shares of Roblox from $47.50 to $45.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Roblox from $100.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Barclays decreased their price objective on shares of Roblox from $115.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Canaccord Genuity Group decreased their price objective on shares of Roblox from $140.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Freedom Capital raised shares of Roblox from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.07.

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.