Bornite Capital Management LP Purchases New Holdings in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Bornite Capital Management LP invested $18.65 million in 20,000 shares of Netflix, marking it as the firm's 11th largest holding.
• During the first quarter, several other institutional investors, including Halbert Hargrove Global Advisors LLC and Brown Shipley & Co Ltd, also made notable purchases of Netflix shares.
• Netflix's latest earnings report showed a $7.19 EPS, exceeding expectations and reflecting a 15.9% increase in revenue compared to the same quarter last year.

Bornite Capital Management LP bought a new position in Netflix, Inc. (NASDAQ:NFLX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,000 shares of the Internet television network's stock, valued at approximately $18,651,000. Netflix accounts for approximately 4.8% of Bornite Capital Management LP's holdings, making the stock its 11th largest position.

Several other large investors have also recently added to or reduced their stakes in the stock. Resurgent Financial Advisors LLC lifted its holdings in shares of Netflix by 234.4% in the first quarter. Resurgent Financial Advisors LLC now owns 1,010 shares of the Internet television network's stock valued at $942,000 after buying an additional 708 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Netflix by 8.7% in the fourth quarter. Janus Henderson Group PLC now owns 1,377,081 shares of the Internet television network's stock valued at $1,227,468,000 after buying an additional 110,432 shares during the period. PharVision Advisers LLC acquired a new stake in shares of Netflix in the fourth quarter valued at $873,000. New England Research & Management Inc. lifted its holdings in shares of Netflix by 148.5% in the first quarter. New England Research & Management Inc. now owns 2,122 shares of the Internet television network's stock valued at $1,979,000 after buying an additional 1,268 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Netflix by 6.1% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,638 shares of the Internet television network's stock valued at $50,952,000 after purchasing an additional 3,137 shares during the period. 80.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NFLX shares. Pivotal Research reiterated a "buy" rating on shares of Netflix in a research report on Thursday, July 10th. Macquarie increased their price target on Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Monday, April 21st. BMO Capital Markets reiterated an "outperform" rating and issued a $1,425.00 price target (up previously from $1,200.00) on shares of Netflix in a research report on Tuesday, July 15th. The Goldman Sachs Group increased their price target on Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Sanford C. Bernstein increased their price target on Netflix from $1,200.00 to $1,390.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,297.66.

Insiders Place Their Bets

In other news, Director Bradford L. Smith sold 3,919 shares of Netflix stock in a transaction on Monday, May 12th. The stock was sold at an average price of $1,124.26, for a total value of $4,405,974.94. Following the completion of the sale, the director directly owned 7,969 shares of the company's stock, valued at approximately $8,959,227.94. This trade represents a 32.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the completion of the sale, the chief financial officer directly owned 3,691 shares of the company's stock, valued at $4,824,949.02. This trade represents a 41.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,226 shares of company stock worth $183,849,784. 1.37% of the stock is owned by company insiders.

Netflix Price Performance

NFLX traded up $31.27 during trading on Friday, hitting $1,211.64. The company's stock had a trading volume of 3,811,512 shares, compared to its average volume of 3,954,067. The firm's 50 day moving average price is $1,232.25 and its two-hundred day moving average price is $1,095.21. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. Netflix, Inc. has a 12 month low of $622.99 and a 12 month high of $1,341.15. The stock has a market capitalization of $514.86 billion, a price-to-earnings ratio of 51.63, a price-to-earnings-growth ratio of 2.04 and a beta of 1.59.

Netflix (NASDAQ:NFLX - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.07 by $0.12. Netflix had a return on equity of 42.50% and a net margin of 24.58%. The firm had revenue of $11.08 billion during the quarter, compared to the consensus estimate of $11.04 billion. During the same quarter in the previous year, the company posted $4.88 EPS. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Netflix Company Profile

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.