Bank of America Cuts Roku (NASDAQ:ROKU) Price Target to $75.00

Roku (NASDAQ:ROKU) had its target price lowered by Bank of America from $85.00 to $75.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently commented on ROKU. Seaport Res Ptn upgraded shares of Roku from a neutral rating to a buy rating in a research report on Monday, April 29th. Morgan Stanley cut their price objective on shares of Roku from $65.00 to $60.00 and set an underweight rating for the company in a research report on Friday, April 5th. Susquehanna cut their price target on shares of Roku from $110.00 to $80.00 and set a positive rating for the company in a report on Monday, April 29th. Rosenblatt Securities reiterated a neutral rating and issued a $89.00 price target on shares of Roku in a report on Friday, April 26th. Finally, Benchmark reiterated a buy rating and issued a $105.00 price target on shares of Roku in a report on Wednesday, July 10th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $79.71.

Roku Price Performance

Shares of NASDAQ:ROKU opened at $51.67 on Friday. The stock has a market cap of $7.45 billion, a P/E ratio of -12.29 and a beta of 1.96. The firm has a fifty day moving average price of $58.43 and a 200 day moving average price of $65.01. Roku has a 1-year low of $48.33 and a 1-year high of $108.84.

Roku (NASDAQ:ROKU) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.21. The firm had revenue of $968.18 million during the quarter, compared to analysts’ expectations of $937.78 million. Roku had a negative net margin of 13.16% and a negative return on equity of 21.17%. Roku’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.76) EPS. Sell-side analysts expect that Roku will post -1.94 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Charles Collier sold 3,590 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $65.00, for a total value of $233,350.00. Following the transaction, the insider now owns 12,064 shares in the company, valued at $784,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Mai Fyfield sold 650 shares of Roku stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $57.88, for a total transaction of $37,622.00. Following the sale, the director now owns 3,259 shares in the company, valued at $188,630.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charles Collier sold 3,590 shares of Roku stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $65.00, for a total transaction of $233,350.00. Following the sale, the insider now owns 12,064 shares in the company, valued at approximately $784,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,075 shares of company stock valued at $1,556,005. Insiders own 13.98% of the company’s stock.

Institutional Trading of Roku

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new stake in shares of Roku in the fourth quarter worth $27,000. Quarry LP increased its stake in shares of Roku by 160.2% in the fourth quarter. Quarry LP now owns 432 shares of the company’s stock worth $40,000 after buying an additional 266 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Roku by 1,822.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 596 shares of the company’s stock worth $55,000 after buying an additional 565 shares during the last quarter. Benjamin Edwards Inc. increased its stake in shares of Roku by 43.5% in the first quarter. Benjamin Edwards Inc. now owns 617 shares of the company’s stock worth $40,000 after buying an additional 187 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Roku in the fourth quarter worth $58,000. 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.