Assenagon Asset Management S.A. Has $390.10 Million Stock Position in Netflix, Inc. $NFLX

Key Points

• Assenagon Asset Management cut its Netflix stake by 31.6% in the second quarter, selling 2.53 million shares and retaining 5.46 million shares valued at approximately $390.1 million.
• Netflix reported quarterly EPS of $0.80, slightly above estimates, while revenue of $12.56 billion narrowly missed expectations but increased 13.4% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $103.48.
• Netflix shares opened at $73.69, well below their 52-week high of $126.71. Insiders sold shares worth roughly $48.4 million over the past 90 days, though some sales were made under pre-arranged plans or to cover equity-award taxes.

Assenagon Asset Management S.A. reduced its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 31.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,463,635 shares of the Internet television network's stock after selling 2,526,708 shares during the period. Assenagon Asset Management S.A. owned approximately 0.13% of Netflix worth $390,104,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of NFLX. Vanguard Group Inc. grew its position in Netflix by 912.5% in the fourth quarter. Vanguard Group Inc. now owns 390,014,981 shares of the Internet television network's stock valued at $36,567,805,000 after acquiring an additional 351,493,659 shares during the period. State Street Corp boosted its stake 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 purchasing an additional 159,578,053 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 worth $9,305,336,000 after purchasing an additional 89,558,684 shares during the last quarter. Capital World Investors grew its holdings 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 worth $8,376,656,000 after purchasing an additional 80,025,890 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Netflix by 903.0% during the 4th quarter. Morgan Stanley now owns 85,349,973 shares of the Internet television network's stock worth $8,002,414,000 after purchasing an additional 76,840,318 shares in the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Netflix Stock Performance

Netflix stock opened at $73.69 on Friday. Netflix, Inc. has a 1 year low of $65.08 and a 1 year high of $126.71. The company has a market cap of $306.84 billion, a PE ratio of 23.19, a PEG ratio of 0.93 and a beta of 1.52. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.39. The company's 50-day moving average is $75.56 and its two-hundred day moving average is $84.95.

Netflix (NASDAQ:NFLX - Get Free Report) last released its earnings results on Thursday, July 16th. The Internet television network reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.01. The firm had revenue of $12.56 billion during the quarter, compared to analyst estimates of $12.58 billion. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The business's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 EPS. Equities analysts anticipate that Netflix, Inc. will post 3.59 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider David A. Hyman sold 5,723 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $72.85, for a total transaction of $416,920.55. Following the completion of the transaction, the insider owned 316,100 shares in the company, valued at approximately $23,027,885. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Theodore A. Sarandos sold 27,312 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $73.35, for a total transaction of $2,003,335.20. Following the completion of the sale, the chief executive officer directly owned 178,954 shares of the company's stock, valued at $13,126,275.90. The trade was a 13.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 591,047 shares of company stock worth $48,355,766 over the last ninety days. Company insiders own 1.24% of the company's stock.

Netflix News Summary

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Netflix is reportedly considering launching always-on, linear-style streaming channels. The move could increase viewing time, improve content monetization and appeal to viewers seeking a traditional television experience. Netflix Killed Cable TV. Now the Streaming Giant Wants to Bring It Back
• Positive Sentiment: An extended Grand Theft Auto VI gameplay trailer is scheduled to debut on Netflix on August 27. The partnership could generate attention and engagement, although it is unlikely to materially change Netflix’s near-term financial outlook. Take-Two Stock Slips Despite News of a GTA VI Trailer Coming to Netflix
• Neutral Sentiment: Director Richard Barton’s sale of 2,160 shares was executed under a pre-arranged Rule 10b5-1 plan, making it a relatively limited signal about management’s current view of NFLX. The director retained 246 shares afterward. Netflix’s Latest Insider Sale Looks Bigger Than It Is
• Neutral Sentiment: Insider David Hyman previously sold shares to cover tax withholding tied to vested equity awards, another transaction with limited fundamental significance. Netflix’s latest quarter showed earnings slightly above expectations and 13.4% year-over-year revenue growth, but sales narrowly missed consensus.
• Negative Sentiment: CEO Gregory Peters sold 27,312 shares worth approximately $2.0 million. Although the filing did not identify a 10b5-1 plan, he continues to own more than 120,000 shares; nevertheless, the sale adds to investor concern after multiple insider transactions. Netflix Insider Plans Stock Sale as NFLX Shares Slip
• Negative Sentiment: Netflix has reportedly underperformed the S&P 500 by a wide margin over the past year. Concerns about weaker engagement, reduced viewing-data disclosure and intensifying streaming competition are weighing on sentiment and valuation. Netflix and MercadoLibre Are Underperforming the S&P 500

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Guggenheim set a $75.00 price target on shares of Netflix and gave the company a "buy" rating in a research report on Friday, July 17th. China Renaissance raised their price objective on shares of Netflix from $90.00 to $100.00 and gave the stock a "hold" rating in a report on Friday, April 17th. DZ Bank reiterated a "buy" rating on shares of Netflix in a research note on Friday, April 17th. Wolfe Research reissued an "outperform" rating and issued a $107.00 target price on shares of Netflix in a report on Friday, April 17th. Finally, Sanford C. Bernstein set a $95.00 price target on Netflix and gave the stock an "outperform" rating in a research report on Friday, July 17th. Four investment 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. Based on data from MarketBeat, Netflix presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.48.

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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