Caitong International Asset Management Co. Ltd Increases Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Caitong International Asset Management significantly increased its position in Netflix, holding shares now valued at approximately $1.03 million, representing a 110,300% increase during the first quarter.
• CEO Gregory K. Peters and COO Theodore A. Sarandos both sold 2,026 shares of Netflix in early August, reducing their respective holdings by approximately 13.68% and 11.78%.
• Netflix's stock has exhibited strong performance, achieving a 52-week high of $1,341.15 and beating earnings estimates with an EPS of $7.19 in its latest quarterly report.

Caitong International Asset Management Co. Ltd increased its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 110,300.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,104 shares of the Internet television network's stock after acquiring an additional 1,103 shares during the period. Netflix comprises approximately 0.8% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 16th largest position. Caitong International Asset Management Co. Ltd's holdings in Netflix were worth $1,030,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Halbert Hargrove Global Advisors LLC boosted its holdings in Netflix by 100.0% during the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock valued at $25,000 after acquiring an additional 13 shares during the period. Brown Shipley& Co Ltd purchased a new position in Netflix in the 4th quarter worth approximately $27,000. Transce3nd LLC purchased a new position in Netflix in the 4th quarter worth approximately $32,000. Copia Wealth Management bought a new stake in Netflix in the fourth quarter valued at approximately $37,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Netflix during the first quarter valued at approximately $42,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Netflix Stock Up 2.2%

Shares of NFLX stock traded up $26.12 during trading hours on Thursday, hitting $1,230.56. 3,901,060 shares of the company's stock traded hands, compared to its average volume of 4,191,314. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. The stock's fifty day simple moving average is $1,231.68 and its two-hundred day simple moving average is $1,098.52. Netflix, Inc. has a 12-month low of $659.80 and a 12-month high of $1,341.15. The stock has a market cap of $522.90 billion, a price-to-earnings ratio of 52.43, a PEG ratio of 2.06 and a beta of 1.59.

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

Analyst Ratings Changes

Several research analysts recently commented on the stock. Phillip Securities downgraded shares of Netflix from a "hold" rating to a "strong sell" rating in a research note on Monday, July 21st. Bank of America raised their price target on shares of Netflix from $1,175.00 to $1,490.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Loop Capital restated a "hold" rating on shares of Netflix in a research report on Tuesday, July 15th. Sanford C. Bernstein upped their price objective on shares of Netflix from $1,200.00 to $1,390.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Finally, Barclays reissued a "sell" rating and issued a $1,100.00 target price (up from $1,000.00) on shares of Netflix in a research note on Wednesday, July 9th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,297.66.

Insider Buying and Selling

In other news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the completion of the transaction, the chief financial officer owned 3,691 shares of the company's stock, valued at $4,824,949.02. The trade was a 41.34% decrease in their position. The transaction was disclosed in a document filed 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 dated Monday, June 2nd. The stock was sold at an average price of $1,211.66, for a total value of $32,633,638.78. Following the completion of the transaction, the director directly owned 394 shares of the company's stock, valued at approximately $477,394.04. This represents a 98.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 146,307 shares of company stock worth $179,443,809 in the last 90 days. 1.37% of the stock is owned by company insiders.

About Netflix

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.