Associated Banc Corp Acquires 962 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Associated Banc Corp has increased its stake in Netflix, Inc. by 15.8%, holding a total value of approximately $6.56 million as of the latest SEC filing.
• Numerous hedge funds have made significant adjustments to their positions in Netflix, with institutional investors now owning about 80.93% of the company's stock.
• Netflix reported earnings of $7.19 per share for the last quarter, exceeding analysts' expectations of $7.07, contributing to a 15.9% increase in revenue year-over-year.

Associated Banc Corp lifted its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 15.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,034 shares of the Internet television network's stock after purchasing an additional 962 shares during the period. Associated Banc Corp's holdings in Netflix were worth $6,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NFLX. Brighton Jones LLC raised its stake in Netflix by 5.0% in the 4th quarter. Brighton Jones LLC now owns 5,390 shares of the Internet television network's stock valued at $4,804,000 after acquiring an additional 257 shares during the period. Revolve Wealth Partners LLC grew its holdings in Netflix by 16.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock valued at $912,000 after buying an additional 144 shares in the last quarter. BIP Wealth LLC grew its holdings in Netflix by 23.8% during the 4th quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock valued at $403,000 after buying an additional 87 shares in the last quarter. OLD Mission Capital LLC purchased a new position in Netflix during the 4th quarter valued at about $361,000. Finally, Titleist Asset Management LLC grew its holdings in Netflix by 22.4% during the 4th quarter. Titleist Asset Management LLC now owns 491 shares of the Internet television network's stock valued at $438,000 after buying an additional 90 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Netflix Stock Down 2.0%

Shares of NFLX stock traded down $23.12 during trading hours on Tuesday, hitting $1,147.87. 2,650,494 shares of the company were exchanged, compared to its average volume of 4,024,204. 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, Inc. has a one year low of $600.62 and a one year high of $1,341.15. The business's 50-day simple moving average is $1,232.75 and its two-hundred day simple moving average is $1,088.27. The stock has a market capitalization of $487.76 billion, a price-to-earnings ratio of 48.91, a P/E/G ratio of 1.97 and a beta of 1.59.

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

Insider Activity at Netflix

In related news, Director Jay C. Hoag sold 31,750 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $1,252.35, for a total transaction of $39,762,112.50. Following the transaction, the director owned 63,040 shares in the company, valued at $78,948,144. This trade represents a 33.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reed Hastings sold 26,933 shares of Netflix stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,211.66, for a total transaction of $32,633,638.78. Following the completion of the transaction, the director owned 394 shares in the company, valued at approximately $477,394.04. This trade represents a 98.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,483 shares of company stock worth $179,492,976 over the last ninety days. Insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. The Goldman Sachs Group lifted their target price on Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. KeyCorp lifted their target price on Netflix from $1,070.00 to $1,390.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Citigroup reaffirmed a "neutral" rating and set a $1,250.00 target price (up previously from $1,020.00) on shares of Netflix in a report on Thursday, May 29th. Pivotal Research reaffirmed a "buy" rating on shares of Netflix in a report on Thursday, July 10th. Finally, Piper Sandler boosted their price objective on Netflix from $1,400.00 to $1,500.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,297.66.

Netflix 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.