Roblox, the popular online gaming platform, held its Investor Day event on November 15, 2023, where it showcased various product enhancements introduced year-to-date, outlined its advertising and commerce strategy, and provided an update on AI integration into the platform, according to the analyst.
While the management's long-term outlook and decision to introduce quarterly and annual guidance were deemed "encouraging," JP Morgan's Quadrani expressed caution regarding the current entry point for investors. Quadrani stated, "it is best to stay on the sidelines here until there is a better entry point."
Other analysts also updated their ratings for Roblox on November 16, 2023. Thomas Champion of Piper Sandler raised their price target by 4% from $50 to $52 and maintained their Strong Buy rating on the stock. On the other hand, Kevin Kumar of Goldman Sachs raised their price target by 13% from $23 to $26 and maintained their Strong Sell rating on the stock.
According to the latest data, 77.8% of top-rated analysts currently rate RBLX as a Strong Buy or Buy, while 11.1% see it as a Hold, and 11.1% either recommend or strongly recommend selling the stock.
Since Roblox's latest quarterly report on November 8, 2023, the stock price has experienced a 3.3% decline. However, on a year-over-year basis, the stock has shown a 16.5% increase. During this period, Roblox has outperformed the broader market, with the S&P 500 recording a 15.2% gain.
JP Morgan analyst Alexia Quadrani, who provided the Hold rating and raised the price target on RBLX, is ranked in the bottom 4% out of 4,402 Wall Street analysts by WallStreetZen. Quadrani has an average return of -14.9% and a win rate of 37.5%. The analyst specializes in the Technology and Consumer Cyclical sectors, among others.
Roblox Corporation, headquartered in San Mateo, California, offers various products and services, including the Roblox Studio, a toolset for developers and creators to build, publish, and operate 3D experiences. The company also provides the Roblox Client, allowing users to explore 3D digital worlds, Roblox Education for learning experiences, and Roblox Cloud. Users can purchase Robux, the in-game currency, as one-time purchases or through monthly subscriptions. Roblox was incorporated in 2004 and has grown to become a prominent player in the gaming industry.
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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.