Roblox chief legal officer sells shares worth $1.29 million

Mark Reinstra, Chief Legal Officer and Corporate Secretary at Roblox Corp (NYSE:RBLX), has recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Reinstra sold 19,525 shares of Roblox’s Class A Common Stock on February 11, 2025. The shares were sold at an average price of $65.944 per share, resulting in a total transaction value of approximately $1.29 million. The transaction comes as Roblox shares have shown remarkable strength, delivering a 51.7% return over the past year, according to InvestingPro data.

The filing also indicates that these shares were sold to cover statutory tax withholding obligations related to the vesting of performance stock units (PSUs). This type of sale, often referred to as a "sell-to-cover" transaction, is mandated by the company’s equity incentive plans and does not represent a discretionary sale by Reinstra.

Following the sale, Reinstra retains direct ownership of 339,206 shares of Roblox’s Class A Common Stock. Additionally, he holds indirect ownership of various shares through trusts, as noted in the filing’s footnotes.

Investors often closely monitor insider transactions like these for insights into executive sentiment and potential future performance of the company.

In other recent news, Roblox Corp. finds itself under investigation by the US Securities and Exchange Commission (SEC), as confirmed by Bloomberg News. The details of the investigation remain undisclosed, with no comments from either the SEC or Roblox Corp. In parallel, several analyst firms have updated their outlooks on Roblox. Benchmark has raised its stock price target from $60 to $71, maintaining a Buy rating, while Needham increased its price target from $60 to $72, also maintaining a Buy rating. Goldman Sachs lifted its price target to $63 from $55 but maintained a Neutral rating. Oppenheimer, however, reaffirmed a Perform rating for Roblox, following a strong Q4 in 2024. These recent developments reflect the ongoing interest and scrutiny surrounding Roblox Corp. in the investment world.

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