Roku (ROKU) Shares Gap Down Following Insider Selling

Roku Inc (NASDAQ:ROKU) gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $46.05, but opened at $45.02. Roku shares last traded at $43.30, with a volume of 10671800 shares traded.

Specifically, Director Alan S. Henricks sold 6,667 shares of the stock in a transaction on Friday, May 18th. The stock was sold at an average price of $35.46, for a total transaction of $236,411.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Globespan Capital Partners V. L sold 1,596,131 shares of the stock in a transaction on Thursday, March 29th. The shares were sold at an average price of $32.99, for a total value of $52,656,361.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,308,920 shares of company stock valued at $79,406,969. Company insiders own 0.55% of the company’s stock.

ROKU has been the topic of several research reports. Citigroup raised Roku from a “sell” rating to a “neutral” rating and set a $33.00 target price on the stock in a research report on Tuesday, March 27th. Vetr raised Roku from a “hold” rating to a “strong-buy” rating and set a $50.50 target price on the stock in a research report on Thursday, February 22nd. Loop Capital initiated coverage on Roku in a research report on Thursday, April 19th. They issued a “hold” rating and a $30.00 target price on the stock. KeyCorp initiated coverage on Roku in a research report on Tuesday, May 1st. They issued an “overweight” rating and a $42.00 target price on the stock. Finally, Oppenheimer raised Roku from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Roku currently has an average rating of “Hold” and a consensus price target of $39.23.

The stock has a market capitalization of $4.32 billion and a price-to-earnings ratio of -19.33.

Roku (NASDAQ:ROKU) last announced its quarterly earnings results on Wednesday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.08. The company had revenue of $136.58 million for the quarter, compared to analyst estimates of $127.55 million. Roku’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.79) earnings per share. equities research analysts forecast that Roku Inc will post -0.3 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Northern Trust Corp grew its position in Roku by 4.3% during the 1st quarter. Northern Trust Corp now owns 36,617 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,494 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Roku during the 4th quarter worth about $130,000. Thompson Davis & CO. Inc. grew its position in Roku by 280.3% during the 1st quarter. Thompson Davis & CO. Inc. now owns 3,803 shares of the company’s stock worth $118,000 after purchasing an additional 2,803 shares during the period. Commonwealth Equity Services LLC grew its position in Roku by 81.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 7,928 shares of the company’s stock worth $246,000 after purchasing an additional 3,562 shares during the period. Finally, Stifel Financial Corp grew its position in Roku by 75.0% during the 1st quarter. Stifel Financial Corp now owns 9,050 shares of the company’s stock worth $281,000 after purchasing an additional 3,880 shares during the period. 16.35% of the stock is currently owned by institutional investors.

About Roku

Roku, Inc operates a TV streaming platform. The company operates in two segments, Player and Platform. Its platform allows users to search, discover, and access approximately 500,000 movies and TV episodes, as well as live sports, music, news, and others. As of December 31, 2017, the company had 19.3 million active accounts.

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