Covenant Asset Management LLC Has $14.53 Million Position in Netflix, Inc. $NFLX

Key Points

• Covenant Asset Management LLC significantly increased its stake in Netflix, raising its holdings by over 2,310% during the second quarter to $14.53 million, making Netflix its 6th largest investment.
• Netflix's institutional ownership is notable, with hedge funds holding approximately 80.93% of the stock, indicating strong interest from large investors.
• Analysts have varied ratings for Netflix, with a consensus average rating of "Moderate Buy" and a price target around $1,328.87, reflecting both optimism and caution from the market.

Covenant Asset Management LLC raised its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 2,310.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,847 shares of the Internet television network's stock after purchasing an additional 10,397 shares during the quarter. Netflix accounts for 2.1% of Covenant Asset Management LLC's portfolio, making the stock its 6th largest holding. Covenant Asset Management LLC's holdings in Netflix were worth $14,526,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Halbert Hargrove Global Advisors LLC raised its stake in Netflix by 100.0% during the first quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock worth $25,000 after acquiring an additional 13 shares in the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Netflix in the 1st quarter worth about $37,000. Maseco LLP acquired a new stake in shares of Netflix during the 2nd quarter worth about $39,000. Barnes Dennig Private Wealth Management LLC bought a new position in Netflix during the 1st quarter valued at about $42,000. Finally, 1248 Management LLC acquired a new position in Netflix in the first quarter valued at about $43,000. 80.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on NFLX. Needham & Company LLC reaffirmed a "buy" rating and set a $1,500.00 price objective on shares of Netflix in a report on Wednesday, September 10th. Piper Sandler raised their price target on Netflix from $1,400.00 to $1,500.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Phillip Securities downgraded Netflix from a "hold" rating to a "strong sell" rating in a research report on Monday, July 21st. Wedbush reissued an "outperform" rating and issued a $1,500.00 price objective (up previously from $1,400.00) on shares of Netflix in a research note on Monday, July 14th. Finally, BMO Capital Markets restated an "outperform" rating and set a $1,425.00 target price (up previously from $1,200.00) on shares of Netflix in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,328.87.

Insider Activity

In other Netflix news, CEO Gregory K. Peters sold 2,026 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $1,157.44, for a total transaction of $2,344,973.44. Following the transaction, the chief executive officer directly owned 12,781 shares in the company, valued at approximately $14,793,240.64. This represents a 13.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Spencer Adam Neumann sold 2,600 shares of Netflix stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $1,207.76, for a total transaction of $3,140,176.00. Following the sale, the chief financial officer owned 3,691 shares of the company's stock, valued at approximately $4,457,842.16. This represents a 41.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 88,728 shares of company stock worth $108,700,648. Corporate insiders own 1.37% of the company's stock.

Netflix Stock Up 0.2%

Shares of NFLX opened at $1,210.61 on Monday. The firm has a market capitalization of $514.42 billion, a price-to-earnings ratio of 51.58, a PEG ratio of 2.04 and a beta of 1.60. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34. The business's fifty day moving average price is $1,208.75 and its two-hundred day moving average price is $1,153.53. Netflix, Inc. has a 52 week low of $677.88 and a 52 week high of $1,341.15.

Netflix (NASDAQ:NFLX - Get Free Report) last released its earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, topping 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 company had revenue of $11.08 billion during the quarter, compared to the consensus estimate of $11.04 billion. During the same quarter in the previous year, the company posted $4.88 earnings per share. The firm's quarterly revenue was up 15.9% on a year-over-year basis. Netflix has set its FY 2025 guidance at EPS. Q3 2025 guidance at 6.870-6.870 EPS. On average, analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current 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.

Want to see what other hedge funds are holding NFLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Netflix, Inc. (NASDAQ:NFLX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.