Granite Bay Wealth Management LLC Makes New Investment in Roku, Inc. (NASDAQ:ROKU)

Granite Bay Wealth Management LLC purchased a new stake in shares of Roku, Inc. (NASDAQ:ROKU) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,464 shares of the company’s stock, valued at approximately $1,142,000.

Several other institutional investors also recently modified their holdings of ROKU. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Roku by 24.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,349,067 shares of the company’s stock valued at $478,939,000 after acquiring an additional 1,457,925 shares during the period. Nikko Asset Management Americas Inc. lifted its position in Roku by 25.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 7,091,891 shares of the company’s stock valued at $462,108,000 after purchasing an additional 1,455,408 shares during the period. Quadrature Capital Ltd purchased a new stake in Roku in the fourth quarter worth approximately $35,856,000. Vanguard Group Inc. grew its position in Roku by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 11,853,947 shares of the company’s stock worth $1,086,533,000 after purchasing an additional 380,409 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in Roku by 138.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 342,400 shares of the company’s stock valued at $22,314,000 after buying an additional 198,600 shares during the last quarter. 86.30% of the stock is owned by hedge funds and other institutional investors.

Roku Stock Up 0.3 %

Shares of NASDAQ:ROKU opened at $74.66 on Tuesday. The firm has a fifty day simple moving average of $64.43 and a two-hundred day simple moving average of $61.51. The stock has a market capitalization of $10.76 billion, a P/E ratio of -18.71 and a beta of 2.06. Roku, Inc. has a 52 week low of $48.33 and a 52 week high of $108.84.

Roku (NASDAQ:ROKU) last announced its earnings results on Thursday, August 1st. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.21. Roku had a negative return on equity of 21.03% and a negative net margin of 13.16%. The firm had revenue of $968.18 million during the quarter, compared to analysts’ expectations of $937.78 million. During the same quarter in the previous year, the business earned ($0.76) EPS. The company’s quarterly revenue was up 14.3% on a year-over-year basis. On average, analysts expect that Roku, Inc. will post -1.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ROKU. Wolfe Research upgraded Roku from a “peer perform” rating to an “outperform” rating and set a $93.00 price target on the stock in a research note on Thursday, September 12th. Robert W. Baird boosted their price target on Roku from $56.00 to $75.00 and gave the company a “neutral” rating in a research note on Monday. Citigroup increased their price objective on shares of Roku from $60.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price on shares of Roku from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Finally, Bank of America raised their target price on Roku from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.62.

Insider Activity

In related news, insider Charles Collier sold 3,590 shares of Roku stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $65.00, for a total transaction of $233,350.00. Following the completion of the transaction, the insider now directly owns 12,064 shares of the company’s stock, valued at approximately $784,160. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Roku news, insider Charles Collier sold 3,590 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was 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 of the company’s stock, valued at approximately $784,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dan Jedda sold 1,000 shares of Roku stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $75.33, for a total value of $75,330.00. Following the sale, the chief financial officer now owns 54,267 shares of the company’s stock, valued at $4,087,933.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,945 shares of company stock valued at $3,465,135. 13.98% of the stock is currently owned by company insiders.

Roku 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.