Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Roku, Inc. (NASDAQ:ROKU)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Roku, Inc. (NASDAQ:ROKU - Free Report) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 657,301 shares of the company's stock after selling 134,582 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.45% of Roku worth $49,074,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in Roku by 123.4% during the second quarter. EverSource Wealth Advisors LLC now owns 679 shares of the company's stock worth $40,000 after buying an additional 375 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in Roku during the 3rd quarter worth about $43,000. Cedar Wealth Management LLC purchased a new stake in Roku in the 2nd quarter worth approximately $48,000. Natixis acquired a new stake in shares of Roku in the first quarter worth $53,000. Finally, Versant Capital Management Inc grew its holdings in shares of Roku by 706.2% during the 2nd quarter. Versant Capital Management Inc now owns 911 shares of the company's stock worth $55,000 after purchasing an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 86.30% of the company's stock.

Roku Price Performance

Roku stock traded down $4.90 during midday trading on Wednesday, hitting $68.71. 8,605,566 shares of the company were exchanged, compared to its average volume of 4,432,062. The company has a market cap of $9.98 billion, a PE ratio of -56.64 and a beta of 2.07. Roku, Inc. has a fifty-two week low of $48.33 and a fifty-two week high of $108.84. The company's fifty day moving average price is $74.69 and its 200-day moving average price is $64.94.

Roku (NASDAQ:ROKU - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.35) by $0.29. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Roku had a negative net margin of 4.42% and a negative return on equity of 7.22%. Roku's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.33) earnings per share. On average, analysts expect that Roku, Inc. will post -1.1 EPS for the current fiscal year.

Insider Activity

In other news, insider Charles Collier sold 15,454 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $75.00, for a total transaction of $1,159,050.00. Following the sale, the insider now directly owns 200 shares in the company, valued at approximately $15,000. The trade was a 98.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Dan Jedda sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $75.33, for a total value of $75,330.00. Following the completion of the transaction, the chief financial officer now directly owns 54,267 shares in the company, valued at approximately $4,087,933.11. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 90,240 shares of company stock worth $6,729,582 in the last 90 days. Corporate insiders own 13.98% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on ROKU. Morgan Stanley raised their price target on Roku from $60.00 to $65.00 and gave the stock an "underweight" rating in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a "buy" rating and set a $100.00 target price on shares of Roku in a research report on Thursday, October 31st. Benchmark reaffirmed a "buy" rating and set a $105.00 price objective on shares of Roku in a research note on Thursday, September 12th. Robert W. Baird raised shares of Roku from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $70.00 to $90.00 in a research report on Monday. Finally, Wedbush boosted their price objective on shares of Roku from $75.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.67.

About Roku

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.