Eastern Bank Acquires 9,190 Shares of Netflix, Inc. $NFLX

Key Points

• Eastern Bank increased its stake in Netflix, Inc. by 17.8% during the 2nd quarter, acquiring an additional 9,190 shares for a total of 60,747 shares valued at $81.35 million.
• CEO Theodore A. Sarandos and CFO Spencer Adam Neumann have recently sold a combined 4,627 shares of the company's stock, reflecting significant decreases in their holdings.
• Multiple analysts have upgraded their ratings on Netflix, with Loop Capital moving it from a "hold" to a "buy" rating and raising the price target to $1,350.00.

Eastern Bank raised its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 17.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 60,747 shares of the Internet television network's stock after acquiring an additional 9,190 shares during the period. Netflix makes up 1.5% of Eastern Bank's holdings, making the stock its 17th largest position. Eastern Bank's holdings in Netflix were worth $81,348,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Aberdeen Group plc raised its position in shares of Netflix by 6.5% during the 2nd quarter. Aberdeen Group plc now owns 337,197 shares of the Internet television network's stock valued at $447,970,000 after acquiring an additional 20,502 shares during the last quarter. Zullo Investment Group Inc. raised its position in shares of Netflix by 0.6% during the 2nd quarter. Zullo Investment Group Inc. now owns 2,715 shares of the Internet television network's stock valued at $3,636,000 after acquiring an additional 17 shares during the last quarter. VanderPol Investments L.L.C. bought a new stake in shares of Netflix during the 2nd quarter valued at $276,000. PDS Planning Inc raised its position in shares of Netflix by 13.6% during the 2nd quarter. PDS Planning Inc now owns 2,676 shares of the Internet television network's stock valued at $3,584,000 after acquiring an additional 321 shares during the last quarter. Finally, Gunderson Capital Management Inc. raised its position in shares of Netflix by 12.3% during the 2nd quarter. Gunderson Capital Management Inc. now owns 11,204 shares of the Internet television network's stock valued at $15,004,000 after acquiring an additional 1,230 shares during the last quarter. Institutional investors own 80.93% of the company's stock.

Insider Buying and Selling

In other 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 value of $2,351,416.12. Following the completion of the transaction, the chief executive officer owned 15,168 shares in the company, valued at $17,604,284.16. This trade represents a 11.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Spencer Adam Neumann sold 2,601 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $1,162.40, for a total value of $3,023,402.40. Following the completion of the transaction, the chief financial officer owned 3,691 shares of the company's stock, valued at $4,290,418.40. The trade was a 41.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,100 shares of company stock worth $122,710,980 over the last three months. Company insiders own 1.37% of the company's stock.

Analyst Ratings Changes

NFLX has been the topic of several research analyst reports. Loop Capital raised Netflix from a "hold" rating to a "buy" rating and raised their price objective for the stock from $1,150.00 to $1,350.00 in a research note on Wednesday, September 17th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Netflix in a research note on Monday, July 21st. KeyCorp raised their price objective on Netflix from $1,070.00 to $1,390.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Rosenblatt Securities raised their price objective on Netflix from $1,514.00 to $1,515.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Seaport Res Ptn raised Netflix from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,337.63.

Netflix Price Performance

NFLX stock opened at $1,220.08 on Friday. The stock has a market cap of $518.45 billion, a PE ratio of 51.98, a price-to-earnings-growth ratio of 2.07 and a beta of 1.59. The stock has a 50-day moving average price of $1,210.84 and a two-hundred day moving average price of $1,167.10. 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, Inc. has a 1 year low of $677.88 and a 1 year high of $1,341.15.

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 for the quarter, beating the consensus estimate of $7.07 by $0.12. The company had revenue of $11.08 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $4.88 EPS. Netflix has set its FY 2025 guidance at EPS. Q3 2025 guidance at 6.870-6.870 EPS. Equities analysts forecast that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

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.

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