Cresset Asset Management LLC Sells 1,506 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Cresset Asset Management LLC sold 1,506 shares of Netflix, reducing its position by 8.5%, leaving it with 16,113 shares worth approximately $15 million.
• Netflix's most recent earnings report showed an EPS of $7.19, exceeding analysts' estimates, with revenue up 15.9% year-over-year.
• The stock currently has a consensus price target of $1,297.66 and is rated as a "Moderate Buy" by analysts, with 80.93% of its stock held by institutional investors.

Cresset Asset Management LLC reduced its position in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 8.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,113 shares of the Internet television network's stock after selling 1,506 shares during the period. Cresset Asset Management LLC's holdings in Netflix were worth $15,026,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NFLX. Halbert Hargrove Global Advisors LLC grew its stake in shares of 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 during the last quarter. Brown Shipley& Co Ltd acquired a new position in shares of Netflix during the fourth quarter valued at about $27,000. Transce3nd LLC acquired a new position in shares of Netflix during the fourth quarter valued at about $32,000. Copia Wealth Management acquired a new position in shares of Netflix during the fourth quarter valued at about $37,000. Finally, Stuart Chaussee & Associates Inc. increased its holdings in shares of Netflix by 4,500.0% during the fourth quarter. Stuart Chaussee & Associates Inc. now owns 46 shares of the Internet television network's stock valued at $41,000 after acquiring an additional 45 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Netflix Stock Up 0.7%

Shares of NFLX opened at $1,238.95 on Friday. Netflix, Inc. has a 52-week low of $660.80 and a 52-week high of $1,341.15. The company has a market capitalization of $526.47 billion, a PE ratio of 52.79, a price-to-earnings-growth ratio of 2.09 and a beta of 1.59. The stock has a fifty day simple moving average of $1,231.23 and a two-hundred day simple moving average of $1,103.00. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58.

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 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 the consensus estimate of $11.04 billion. During the same period last year, the company earned $4.88 EPS. The company's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that Netflix, Inc. will post 24.58 EPS for the current year.

Analysts Set New Price Targets

NFLX has been the topic of several recent analyst reports. Wolfe Research set a $1,340.00 price objective on shares of Netflix and gave the company an "outperform" rating in a report on Friday, May 16th. Macquarie upped their price objective on shares of Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a report on Monday, April 21st. Canaccord Genuity Group restated a "buy" rating on shares of Netflix in a report on Thursday, July 10th. 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. Finally, Rosenblatt Securities upped their price objective on shares of 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 given a strong buy rating to the company. According to MarketBeat.com, Netflix has a consensus rating of "Moderate Buy" and a consensus price target of $1,297.66.

Insiders Place Their Bets

In related news, CEO Theodore A. Sarandos sold 2,026 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $1,160.62, for a total transaction 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 trade represents a 11.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cletus R. Willems sold 238 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $1,153.52, for a total value of $274,537.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,307 shares of company stock worth $179,443,809. 1.37% of the stock is currently 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.

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.