Allstate Corp Purchases 309,342 Shares of Netflix, Inc. $NFLX

Key Points

• Allstate Corp sharply increased its Netflix stake in the fourth quarter, raising its position by 1,993.4% to 324,860 shares valued at about $30.5 million. The move came alongside broader institutional buying, with large holders like Vanguard and Baillie Gifford also boosting positions.
• Analyst sentiment remains broadly positive on Netflix, with Bank of America reiterating a Buy rating and a $125 price target. Overall, the stock carries a consensus Moderate Buy rating and an average price target of $114.82.
• Netflix is being supported by growth themes such as advertising expansion, live sports, and stronger engagement in key markets. At the same time, the company faces some near-term pressure from heavier content spending and criticism over its AI animation plans.

Allstate Corp raised its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 1,993.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 324,860 shares of the Internet television network's stock after acquiring an additional 309,342 shares during the period. Allstate Corp's holdings in Netflix were worth $30,459,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in NFLX. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 351,493,659 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Netflix by 912.3% during the fourth quarter. Baillie Gifford & Co. now owns 36,940,035 shares of the Internet television network's stock worth $3,463,498,000 after acquiring an additional 33,290,988 shares during the period. Jennison Associates LLC boosted its holdings in shares of Netflix by 639.9% during the fourth quarter. Jennison Associates LLC now owns 34,871,951 shares of the Internet television network's stock worth $3,269,594,000 after acquiring an additional 30,158,900 shares during the period. Legal & General Group Plc boosted its stake in shares of Netflix by 916.1% in the fourth quarter. Legal & General Group Plc now owns 26,522,252 shares of the Internet television network's stock valued at $2,486,726,000 after buying an additional 23,912,151 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in shares of Netflix by 907.5% in the fourth quarter. Fisher Asset Management LLC now owns 20,490,399 shares of the Internet television network's stock valued at $1,921,180,000 after buying an additional 18,456,524 shares during the period. Institutional investors own 80.93% of the company's stock.

Key Headlines Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Bank of America reiterated a Buy rating on Netflix with a $125 price target, citing optimism about the company’s expanding advertising business and ad placements, which could support future revenue growth. Bank of America Reiterates Buy Rating on Netflix (NFLX) Stock
• Positive Sentiment: Analysts and market commentary continue to frame Netflix’s ad tier as a meaningful long-term growth opportunity, with one report nudging fair value estimates higher and pointing to improved investor confidence around content discipline. How The Netflix (NFLX) Investment Story Is Shifting Around Ads Content And Deal Discipline
• Positive Sentiment: Netflix’s push into live sports is being viewed as a new revenue catalyst, with sports-related engagement helping drive sign-ups in key markets such as Japan, which could support subscriber growth. NFLX Rides on Sports Content Engagement: New Revenue Growth Catalyst?
• Neutral Sentiment: Netflix is getting elevated attention from Zacks users and analysts, but the coverage largely reiterates the existing investment debate rather than introducing a major new catalyst. Netflix, Inc. (NFLX) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: Another market note says Netflix continues to attract strong analyst support, with a consensus view leaning toward Moderate Buy, reinforcing stable sentiment around the name. Netflix, Inc. NASDAQ: NFLX Receives Average Recommendation of "Moderate Buy" from Analysts
• Negative Sentiment: Netflix’s announcement that it is investing in an AI animation studio drew criticism online, with some viewers calling the project “AI slop,” which could create reputational headwinds if consumer backlash grows. Netflix is betting big on an AI animation studio — even as 51% of people say they don't want generative AI content
• Negative Sentiment: While live sports may boost engagement, the strategy also comes with heavier content spending, which could pressure near-term margins and limit upside in the short run. NFLX Rides on Sports Content Engagement: New Revenue Growth Catalyst?

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. DZ Bank reiterated a "buy" rating on shares of Netflix in a research note on Friday, April 17th. Oppenheimer set a $120.00 price target on Netflix and gave the company an "outperform" rating in a research note on Friday, April 17th. Needham & Company LLC reiterated a "buy" rating on shares of Netflix in a research note on Friday, April 17th. Rosenblatt Securities cut their price target on Netflix from $96.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, April 17th. Finally, Weiss Ratings upgraded Netflix from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and sixteen have given a Hold rating to the company. Based on data from MarketBeat, Netflix has an average rating of "Moderate Buy" and an average price target of $114.82.

Netflix Price Performance

Shares of NFLX opened at $88.60 on Tuesday. Netflix, Inc. has a one year low of $75.01 and a one year high of $134.12. The company has a market cap of $373.08 billion, a P/E ratio of 28.62, a P/E/G ratio of 1.13 and a beta of 1.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a 50 day simple moving average of $93.76 and a two-hundred day simple moving average of $93.90.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The Internet television network reported $1.23 EPS for the quarter, beating the consensus estimate of $0.76 by $0.47. Netflix had a net margin of 28.52% and a return on equity of 40.92%. The business had revenue of $12.25 billion during the quarter, compared to the consensus estimate of $12.17 billion. During the same period in the previous year, the business earned $6.61 earnings per share. The company's revenue was up 16.2% on a year-over-year basis. Netflix has set its Q2 2026 guidance at 0.780-0.780 EPS. Research analysts forecast that Netflix, Inc. will post 3.6 EPS for the current fiscal year.

Insider Buying and Selling at Netflix

In other news, insider David A. Hyman sold 5,722 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $88.08, for a total transaction of $503,993.76. Following the completion of the transaction, the insider directly owned 316,100 shares in the company, valued at approximately $27,842,088. This represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gregory K. Peters sold 27,312 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $88.69, for a total transaction of $2,422,301.28. Following the transaction, the chief executive officer owned 120,931 shares of the company's stock, valued at $10,725,370.39. This trade represents a 18.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,422,769 shares of company stock valued at $135,144,073. 1.24% of the stock is currently owned by insiders.

Netflix Company Profile

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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