Roku , Inc. (NASDAQ:) reported a recent transaction by its Chief Financial Officer (CFO), Jedda Dan, who sold 1,000 shares of the company’s Class A common stock. The transaction took place on September 17, 2024, and was executed at a price of $75.33 per share, totaling over $75,000.
This sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a trading plan for selling stocks they own in accordance with the insider trading laws. The plan provides a defense against accusations of insider trading, as it demonstrates that the trades were planned ahead of time and not based on any material non-public information.
Following the sale, CFO Jedda Dan still holds a significant amount of Roku shares, with 54,267 shares remaining in his possession. These types of transactions are common among corporate executives and are often used to diversify their investment portfolios or for other financial planning purposes.
Roku, Inc., headquartered in San Jose, California, operates in the cable and other pay television services industry, providing streaming entertainment devices for delivering video content. The sale by the CFO comes as part of the regular financial activity within the company’s upper management and is publicly disclosed for transparency and regulatory compliance purposes.
In other recent news, Roku Inc. has been the subject of several significant developments. Seaport Global Securities has raised its price target for Roku’s stock, maintaining a Buy rating, following MAGNA Global’s report of increased growth in the US advertising market. Roku’s 2024 ad growth estimates have been revised upward, reflecting this robust expansion.
In addition, Roku has introduced the Roku Ads Manager, a self-service advertising platform with Shopify (NYSE:) integration, aiming to address the shift in TV ad spending to streaming platforms. This strategic move is expected to enhance Roku’s reach in the Connected TV (CTV) space, offering unique data, optimization, and ad formats.
Needham, a respected investment firm, maintained its Buy rating on Roku shares, with a stock price target based on financial estimates for the fiscal years 2024 to 2026. The firm predicts an 11% year-over-year increase in revenues for the third quarter of fiscal year 2024.
In financial arrangements, Roku has secured a new credit agreement with Citibank N.A., providing a revolving credit facility of up to $300 million, with an option to increase it by an…
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