Form 4: Roku CEO Sells 75,000 Shares Under Pre-Planned 10b5-1 Plan

Roku CEO Anthony J. Wood executed planned sales of Class A common stock totaling 75,000 shares in December 2025, following conversions from Class B shares.

Summary

• Anthony J. Wood, CEO and Chairman of the Board of Directors of Roku, Inc. (ROKU), reported transactions involving the company's Class A and Class B common stock.
• On December 10, 2025, Mr. Wood converted 50,000 shares of Class B Common Stock into Class A Common Stock through the Wood 2017 Revocable Trust.
• On the same day, he sold a total of 50,000 Class A Common Stock shares from the Wood 2017 Revocable Trust at weighted average prices ranging from $102.80 to $106.04 per share.
• On December 11, 2025, Mr. Wood converted an additional 25,000 shares of Class B Common Stock into Class A Common Stock through the Wood 2017 Revocable Trust.
• Also on December 11, 2025, he sold 25,000 Class A Common Stock shares from the Wood 2017 Revocable Trust at a weighted average price ranging from $110.00 to $110.70 per share.
• All reported sales were executed pursuant to a Rule 10b5-1 trading plan.
• Following these transactions, Mr. Wood's beneficial ownership includes 520,723 shares of Class A Common Stock (direct and indirect through various trusts) and 16,578,111 shares of Class B Common Stock (indirect through the Wood 2017 Revocable Trust).

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can sometimes be viewed negatively, the fact that these sales were pre-planned under a 10b5-1 plan mitigates any immediate concerns about management's outlook on the company's future performance.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were not a reaction to recent non-public information and are part of a structured personal financial management strategy.

Negatives

• The CEO's reduction in direct equity stake, even if planned, could be perceived by some investors as a slight negative, as it decreases alignment with shareholder interests.

Future Outlook

NA

Industry Context

This filing is a standard insider transaction report and does not provide information related to broader industry trends or competitors.

Related Party Transactions

• Anthony J. Wood, CEO and Chairman of the Board, executed stock sales. The transactions involved shares held indirectly through the Wood 2017 Revocable Trust, which is a related party.

Stakeholder Impact

• Shareholders may note the reduction in the CEO's direct equity holdings, though the pre-planned nature of the sales under a 10b5-1 plan suggests a lack of new, negative information driving the decision.

Key Dates

Recommendation

The filing details pre-planned insider sales by the CEO under a 10b5-1 plan. Such transactions are generally considered routine for diversification or liquidity purposes and do not typically signal a change in the company's fundamental outlook. Therefore, a 'hold' recommendation is appropriate, as this specific filing does not provide new information that would warrant a change in investment thesis.

Keywords

Roku, ROKU, Insider Trading, Form 4, Stock Sale, CEO, Anthony Wood, 10b5-1 Plan, Beneficial Ownership