NewEdge Wealth LLC increased its position in shares of Netflix, Inc. (NASDAQ:NFLX – Free Report) by 133.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 497,157 shares of the Internet television network’s stock after acquiring an additional 284,456 shares during the quarter. NewEdge Wealth LLC’s holdings in Netflix were worth $47,802,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Netflix by 912.5% during the fourth quarter. Vanguard Group Inc. now owns 390,014,981 shares of the Internet television network’s stock worth $36,567,805,000 after purchasing an additional 351,493,659 shares in the last quarter. State Street Corp grew its holdings in shares of Netflix by 927.6% in the 4th quarter. State Street Corp now owns 176,780,995 shares of the Internet television network’s stock valued at $16,574,986,000 after buying an additional 159,578,053 shares during the period. Geode Capital Management LLC increased its position in shares of Netflix by 892.0% in the 4th quarter. Geode Capital Management LLC now owns 99,598,678 shares of the Internet television network’s stock valued at $9,305,336,000 after buying an additional 89,558,684 shares in the last quarter. Capital World Investors increased its position in shares of Netflix by 859.1% in the 4th quarter. Capital World Investors now owns 89,341,444 shares of the Internet television network’s stock valued at $8,376,656,000 after buying an additional 80,025,890 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Netflix by 685.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 86,058,878 shares of the Internet television network’s stock valued at $8,068,882,000 after buying an additional 75,107,069 shares in the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.
Insider Buying and Selling at Netflix
In related news, Director Bradford L. Smith sold 35,990 shares of Netflix stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $77.52, for a total value of $2,789,944.80. Following the sale, the director owned 79,690 shares of the company’s stock, valued at approximately $6,177,568.80. This trade represents a 31.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Reed Hastings sold 407,550 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $93.13, for a total value of $37,955,131.50. Following the completion of the sale, the director owned 3,940 shares in the company, valued at $366,932.20. The trade was a 99.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 899,839 shares of company stock valued at $80,141,661 in the last 90 days. 1.24% of the stock is currently owned by corporate insiders.
Netflix News Roundup
- Negative Sentiment: Netflix’s Q2 results beat EPS expectations, but revenue came in slightly below consensus and management signaled growth could slow to around 12% in Q3, raising concerns about momentum. Netflix Has Plummeted Over the Past Year and Just Dropped Again on Earnings. At 22 Times Profits, Is It a Buy?
- Negative Sentiment: Investors are also reacting to a “valuation reset” and weaker transparency after Netflix said it will report key viewership metrics less often, making it harder to measure progress. Is Netflix Asking Investors To Trust A Story It Will No Longer Tell?
- Negative Sentiment: The selloff has been amplified by bearish calls and articles arguing that sentiment remains weak, with some analysts saying the stock still has room to fall despite the recent drop. ‘Scratching the Surface,’ Says Top Investor About Netflix Stock
- Negative Sentiment: Netflix also completed a $1 billion senior notes offering to refinance debt, which is financially prudent but may reinforce the market’s focus on capital structure rather than growth. Netflix Issues $1 Billion Senior Notes to Refinance Debt
Analyst Ratings Changes
Several research analysts have weighed in on NFLX shares. BMO Capital Markets lowered Netflix from an “outperform” rating to a “market perform” rating in a report on Monday. KeyCorp restated an “overweight” rating and issued a $92.00 price target (down from $115.00) on shares of Netflix in a report on Monday, July 13th. New Street Research raised their price target on Netflix from $96.00 to $102.00 in a research report on Friday, April 17th. JPMorgan Chase & Co. cut their price objective on Netflix from $118.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Finally, Robert W. Baird set a $90.00 price objective on Netflix and gave the company an “outperform” rating in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.48.
Check Out Our Latest Report on Netflix
Netflix Price Performance
Shares of NASDAQ NFLX opened at $68.53 on Thursday. The company has a fifty day moving average price of $79.04 and a 200 day moving average price of $86.31. The firm has a market cap of $285.35 billion, a PE ratio of 21.57, a PEG ratio of 0.86 and a beta of 1.52. The company has a current ratio of 1.14, a quick ratio of 1.41 and a debt-to-equity ratio of 0.39. Netflix, Inc. has a 1-year low of $65.08 and a 1-year high of $126.71.
Netflix (NASDAQ:NFLX – Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.01. The firm had revenue of $12.56 billion for the quarter, compared to the consensus estimate of $12.58 billion. Netflix had a return on equity of 40.02% and a net margin of 28.22%.The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS. Research analysts predict that Netflix, Inc. will post 3.59 earnings per share for the current fiscal year.
About Netflix
Netflix, Inc (NASDAQ: NFLX) is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.
The company’s primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.
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