Altfest L J & Co. Inc. Cuts Stake in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Altfest L J & Co. Inc. reduced its stake in Netflix, Inc. by 17.0%, bringing its total holdings to 2,278 shares valued at approximately $2.12 million.
• Despite some institutional sell-offs, Deutsche Bank AG and other funds increased their investments in Netflix, indicating robust confidence in the company's prospects.
• Netflix's stock experienced a minor increase of 0.2%, closing at $1,180.37, amidst analyst upgrades projecting a higher target price amid strong earnings performance.

Altfest L J & Co. Inc. cut its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,278 shares of the Internet television network's stock after selling 466 shares during the period. Altfest L J & Co. Inc.'s holdings in Netflix were worth $2,124,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Deutsche Bank AG raised its position in shares of Netflix by 11.6% during the first quarter. Deutsche Bank AG now owns 1,454,071 shares of the Internet television network's stock worth $1,355,965,000 after acquiring an additional 150,968 shares during the last quarter. Roof Eidam Maycock Peralta LLC boosted its holdings in Netflix by 106.8% in the first quarter. Roof Eidam Maycock Peralta LLC now owns 1,065 shares of the Internet television network's stock valued at $993,000 after acquiring an additional 550 shares during the last quarter. Commonwealth Financial Services LLC acquired a new stake in Netflix during the 1st quarter valued at approximately $220,000. Charles Schwab Investment Management Inc. raised its holdings in Netflix by 5.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,811,760 shares of the Internet television network's stock worth $2,622,051,000 after purchasing an additional 143,368 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new position in shares of Netflix in the 1st quarter worth approximately $75,826,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Netflix Stock Up 0.2%

Shares of Netflix stock traded up $1.89 on Thursday, hitting $1,180.37. The company had a trading volume of 2,625,184 shares, compared to its average volume of 4,041,499. The stock has a market capitalization of $501.57 billion, a price-to-earnings ratio of 50.29, a P/E/G ratio of 1.98 and a beta of 1.59. Netflix, Inc. has a 1 year low of $616.02 and a 1 year high of $1,341.15. The stock has a 50 day moving average of $1,232.06 and a 200-day moving average of $1,091.12. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its earnings results 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. The company had revenue of $11.08 billion for the quarter, compared to analysts' expectations of $11.04 billion. Netflix had a return on equity of 42.50% and a net margin of 24.58%. Netflix's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.88 earnings per share. As a group, sell-side analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Rosenblatt Securities increased their price objective on shares of Netflix from $1,514.00 to $1,515.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Jefferies Financial Group set a $1,500.00 price target on Netflix and gave the stock a "buy" rating in a report on Friday, July 18th. Robert W. Baird lifted their price objective on Netflix from $1,300.00 to $1,500.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. The Goldman Sachs Group upped their target price 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, Macquarie raised their target price on Netflix from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Monday, April 21st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,297.66.

Insider Transactions at Netflix

In other Netflix news, CFO Spencer Adam Neumann sold 685 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $1,161.21, for a total value of $795,428.85. Following the completion of the sale, the chief financial officer owned 3,691 shares in the company, valued at approximately $4,286,026.11. This trade represents a 15.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gregory K. Peters sold 2,026 shares of Netflix stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $1,157.44, for a total transaction of $2,344,973.44. Following the transaction, the chief executive officer directly owned 12,781 shares in the company, valued at approximately $14,793,240.64. This represents a 13.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 151,584 shares of company stock worth $185,411,484. 1.37% of the stock is owned by insiders.

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.