Costello Asset Management INC Purchases Shares of 6,399 Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Costello Asset Management INC has invested approximately $5.97 million in Netflix, acquiring 6,399 shares, which now constitutes 2.4% of its investment portfolio.
• Several hedge funds have also increased or initiated positions in Netflix, with institutional investors owning over 80% of the company's stock.
• Netflix recently reported earnings of $7.19 per share, exceeding analyst expectations and showing a significant year-over-year revenue growth of 15.9%.

Costello Asset Management INC purchased a new position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,399 shares of the Internet television network's stock, valued at approximately $5,967,000. Netflix accounts for 2.4% of Costello Asset Management INC's holdings, making the stock its 11th biggest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Encompass More Asset Management boosted its stake in shares of Netflix by 204.8% in the 1st quarter. Encompass More Asset Management now owns 1,277 shares of the Internet television network's stock worth $1,191,000 after buying an additional 858 shares during the last quarter. Aquire Wealth Advisors LLC raised its position in Netflix by 36.4% in the first quarter. Aquire Wealth Advisors LLC now owns 311 shares of the Internet television network's stock worth $290,000 after acquiring an additional 83 shares during the period. Advyzon Investment Management LLC grew its position in shares of Netflix by 33.6% during the 1st quarter. Advyzon Investment Management LLC now owns 760 shares of the Internet television network's stock valued at $709,000 after acquiring an additional 191 shares during the period. Thoroughbred Financial Services LLC grew its holdings in Netflix by 48.3% during the first quarter. Thoroughbred Financial Services LLC now owns 6,091 shares of the Internet television network's stock valued at $5,680,000 after purchasing an additional 1,984 shares during the period. Finally, Westfield Capital Management Co. LP raised its stake in shares of Netflix by 6.8% in the first quarter. Westfield Capital Management Co. LP now owns 213,903 shares of the Internet television network's stock valued at $199,471,000 after buying an additional 13,557 shares during the period. Institutional investors own 80.93% of the company's stock.

Netflix Stock Down 2.0%

NFLX traded down $23.12 during trading on Tuesday, hitting $1,147.87. 2,650,494 shares of the company's stock traded hands, compared to its average volume of 4,024,204. The stock has a market capitalization of $487.76 billion, a price-to-earnings ratio of 48.91, a PEG ratio of 1.97 and a beta of 1.59. The company's 50 day simple moving average is $1,234.03 and its two-hundred day simple moving average is $1,087.86. Netflix, Inc. has a 12-month low of $600.62 and a 12-month high of $1,341.15. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 EPS for the quarter, topping the consensus estimate of $7.07 by $0.12. The company had revenue of $11.08 billion during the quarter, compared to the consensus estimate 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 period last year, the company earned $4.88 EPS. Analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on NFLX. The Goldman Sachs Group upped their price objective on shares of Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. 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. Loop Capital restated a "hold" rating on shares of Netflix in a research report on Tuesday, July 15th. Wells Fargo & Company raised their price target on shares of Netflix from $1,500.00 to $1,560.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Finally, TD Cowen upped their target price on Netflix from $1,440.00 to $1,450.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,297.66.

Insiders Place Their Bets

In other Netflix news, Director Jay C. Hoag sold 31,750 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total value of $39,762,112.50. Following the transaction, the director owned 63,040 shares of the company's stock, valued at approximately $78,948,144. This 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 can be accessed through the SEC website. Also, CAO Jeffrey William Karbowski sold 620 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $1,286.84, for a total value of $797,840.80. The disclosure for this sale can be found here. Insiders have sold a total of 146,483 shares of company stock worth $179,492,976 in the last 90 days. Insiders own 1.37% of the company's stock.

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.