Roku Founder Wood Sells $9.7M at $128-131

75,000 Class A Shares Sold Into the Recovery at $128-131

Roku founder and CEO Anthony Wood sold 75,000 Class A shares on May 11, 2026, in four tranches at prices ranging from $128.17 to $130.82 per share, for total proceeds of approximately $9.7 million. The filing — four execution entries totaling $211K, $940K, $4.1M, and $4.4M at progressively lower price increments — is consistent with a Rule 10b5-1 prearranged plan executing via a limit-price or VWAP algorithm. See Anthony Wood's full Form 4 transaction history on 13F Insight.

The May 11 price range of $128-131 sits above ROKU's recent lows near $95-100 in early April 2026 (when Wood also sold 21,603 shares on April 10 at $100.56), and represents a meaningful recovery. The cadence — April 10 sales in the $100-103 range, a pause, then May 11 sales at $128-131 — suggests the 10b5-1 plan has price-band or calendar-based triggers, not continuous daily execution. Wood has filed 1,418 Form 4 transactions generating $1.23 billion in gross proceeds over the history of his insider reporting.

The Class Structure: Wood's Real Position Is 16.2 Million Class B Shares

The Table I Class A sales obscure Wood's actual economic position. Table II of his Form 4 filings discloses 16,193,111 shares held via derivative securities — Class B shares, which carry superior voting rights and were converted into Class A for sale purposes on May 11 (Table II shows a "C" code conversion of 75,000 shares immediately before the sale). This is standard practice for a dual-class company: Class B shares cannot be sold directly on the open market, so each block is converted to Class A at the time of sale.

What matters for the ownership picture: Wood retains 16,193,111 Class B shares after the May 11 transactions. At a $129 per-share equivalent, that represents a position valued at roughly $2.09 billion — an order of magnitude larger than the $9.7M sold. The Class B shares are non-transferable except in limited circumstances, so the Table I sales are a liquidity mechanism against a position that cannot be sold wholesale without triggering a structural exit from the company. Explore the full Roku institutional holder table on 13F Insight.

FMR LLC: The Dominant Active Holder at 10.5%

Among ROKU's 725 institutional holders, FMR LLC (Fidelity) stands alone at the top: 13,679,650 shares representing 10.5% of shares outstanding as of February 2026 and $1.61B in reported 13F value. At 10.5%, FMR's ROKU stake clears the 10% threshold that requires its own 13G beneficial ownership disclosure, separate from the standard quarterly 13F filing cadence. This size of institutional conviction — a single manager holding over one-tenth of the company — is unusual for a mid-cap growth name and suggests Fidelity's actively managed funds view ROKU as a concentrated thesis position, not a passive inclusion.

BlackRock holds $700M (7.4M shares), Vanguard Portfolio Management holds $610M (6.5M shares), and a second Vanguard entity — Vanguard Capital Management LLC — holds an additional $560M (5.9M shares). ARK Investment Management holds $360M at 4.5% of shares, consistent with ARK's ongoing thesis around streaming platform operating leverage and connected TV monetization. Total institutional holder count stands at 725 for ROKU's Class A shares.

April-to-May Selling Pattern: $130-Price-Band Execution

Wood's 2026 year-to-date selling pattern reveals a tiered execution structure. April 10 produced three tranches at $100.56, $101.26, and $102.60 — all within a 2% band around $101. April 16 added 25,000 shares at $110.19. May 11 added four tranches at $128.17, $129.12, $129.87, and $130.82 — again clustered within a 2% band. The implication: the plan likely has pre-set price tiers that trigger execution at specific ranges, with each tier specified at the time of plan establishment. The April $101 tier and the May $129 tier are consistent with a plan that steps up execution targets as the stock advances, rather than selling continuously at any price.

This design choice matters for interpreting the behavioral signal. A continuous-execution plan selling every trading day would have sold through April's low-$90s range. The absence of filings in that zone suggests either the plan was paused there or that the price fell below a minimum execution threshold. If a minimum threshold governs the plan, Wood's inaction near the lows could be read as a designed non-signal — the plan protects against selling below a floor that Wood established as a pre-MNPI floor at plan inception.

ROKU's Context: Connected TV Platform at an Earnings Inflection

Roku's fiscal year ends December 31, so the May 11 sales land in the Q2 2026 window. Q1 2026 results were reported in late April 2026, with platform revenue and active account metrics as the primary thesis drivers. The stock's recovery from $95 in early April to $130 by May 11 — a 37% move in five weeks — suggests the Q1 report cleared a bar that had been set low by macro uncertainty around connected TV ad spending. Wood's plan execution at $128-131 is occurring against that recovery backdrop, not into a period of stock weakness.

For investors tracking the institutional picture around Roku, the ROKU holder table on 13F Insight shows the full 725-holder breakdown. For Wood's complete insider filing record — 1,418 transactions, $1.23B in gross proceeds — the Anthony Wood profile page includes the full Form 4 history and beneficial ownership cross-references. All institutional position data reflects the most recent quarterly 13F disclosure; Wood's intra-quarter trades appear in real-time Form 4 filings submitted to the SEC EDGAR system.