Corient IA LLC Takes $1.54 Million Position in Netflix, Inc. $NFLX

Key Points

• Corient IA LLC has taken a new position in Netflix, Inc. worth approximately $1.54 million, making up 1.1% of its investment portfolio.
• Netflix reported strong quarterly earnings, with an EPS of $7.19 exceeding analysts' expectations and a revenue of $11.08 billion.
• Insider selling was notable, with CFO Spencer Neumann selling 2,601 shares for over $3.4 million and Director Reed Hastings selling close to $32.6 million in shares over recent months.

Corient IA LLC bought a new position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 1,648 shares of the Internet television network's stock, valued at approximately $1,537,000. Netflix accounts for 1.1% of Corient IA LLC's investment portfolio, making the stock its 4th largest holding.

A number of other hedge funds also recently made changes to their positions in the business. 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 raised its stake in Netflix by 16.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock valued at $912,000 after acquiring an additional 144 shares during the period. BIP Wealth LLC raised its stake in Netflix by 23.8% in the 4th quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock valued at $403,000 after acquiring an additional 87 shares during the period. Farringdon Capital Ltd. bought a new stake in Netflix in the 4th quarter valued at about $298,000. Finally, Alpha DNA Investment Management LLC bought a new stake in Netflix in the 4th quarter valued at about $487,000. 80.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NFLX. Wolfe Research set a $1,340.00 price objective on Netflix and gave the company an "outperform" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. boosted their price objective on Netflix from $1,230.00 to $1,300.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Canaccord Genuity Group restated a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. Macquarie lifted their target price on Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a report on Monday, April 21st. Finally, Rosenblatt Securities lifted their target price on Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a report on Friday, July 18th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,297.66.

Insiders Place Their Bets

In other Netflix news, CEO Gregory K. Peters sold 2,026 shares of the company's 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 value of $2,344,973.44. Following the completion of the sale, the chief executive officer owned 12,781 shares of the company's stock, valued at $14,793,240.64. This represents a 13.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Theodore A. Sarandos sold 2,026 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $1,160.62, for a total value of $2,351,416.12. Following the completion of the sale, the chief executive officer directly owned 15,168 shares of the company's stock, valued at approximately $17,604,284.16. This represents a 11.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,307 shares of company stock valued at $179,443,809 over the last 90 days. Company insiders own 1.37% of the company's stock.

Netflix Price Performance

NFLX traded up $6.14 during midday trading on Monday, hitting $1,245.09. The stock had a trading volume of 2,105,084 shares, compared to its average volume of 3,364,073. The company has a market cap of $529.08 billion, a P/E ratio of 53.05, a price-to-earnings-growth ratio of 2.09 and a beta of 1.59. The business has a fifty day moving average of $1,231.65 and a 200 day moving average of $1,105.79. 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 1 year low of $660.80 and a 1 year high of $1,341.15.

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 the consensus estimate of $7.07 by $0.12. The business had revenue of $11.08 billion during the quarter, compared to analyst estimates of $11.04 billion. Netflix had a return on equity of 42.50% and a net margin of 24.58%. Netflix's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.88 earnings per share. As a group, equities analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

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.