Raymond James analysis shows Roblox (NYSE: RBLX) experienced a slight deceleration in user growth during November compared to October. The investment firm noted that while user count growth remains strong overall, the figures were less robust than the previous month. The firm observed that audiences generally remain on the platform. Engagement is shifting from reliance on a few viral hits toward a more distributed set of experiences. Raymond James acknowledged that recent investor sentiment has cooled. This cooling stems from concerns over the company’s "conservative 2026 commentary," potential impacts from new safety features, and margin pressures related to capacity expansion.