Empower Advisory Group LLC Cuts Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Empower Advisory Group LLC reduced its ownership in Netflix by 9.4%, selling 20,299 shares and maintaining a total of 196,682 shares worth approximately $183.4 million.
• Brokerages have raised their target prices for Netflix, with Goldman Sachs increasing it to $1,140 and Needham & Company issuing a price objective of $1,500, reflecting high investor interest.
• Netflix reported earnings of $7.19 per share for the past quarter, exceeding estimates and contributing to a significant year-over-year revenue growth of 15.9%.

Empower Advisory Group LLC lowered its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 9.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 196,682 shares of the Internet television network's stock after selling 20,299 shares during the quarter. Empower Advisory Group LLC's holdings in Netflix were worth $183,412,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of NFLX. Fullcircle Wealth LLC lifted its holdings in shares of Netflix by 2.5% during the 1st quarter. Fullcircle Wealth LLC now owns 369 shares of the Internet television network's stock valued at $344,000 after buying an additional 9 shares during the last quarter. Mission Creek Capital Partners Inc. increased its position in Netflix by 0.3% during the fourth quarter. Mission Creek Capital Partners Inc. now owns 3,826 shares of the Internet television network's stock worth $3,410,000 after buying an additional 10 shares during the last quarter. Continuum Wealth Advisors LLC raised its holdings in Netflix by 4.4% during the first quarter. Continuum Wealth Advisors LLC now owns 235 shares of the Internet television network's stock valued at $219,000 after buying an additional 10 shares in the last quarter. Financial Enhancement Group LLC boosted its stake in shares of Netflix by 2.5% during the 1st quarter. Financial Enhancement Group LLC now owns 412 shares of the Internet television network's stock worth $384,000 after acquiring an additional 10 shares in the last quarter. Finally, Saxony Capital Management LLC increased its holdings in shares of Netflix by 1.4% during the 1st quarter. Saxony Capital Management LLC now owns 707 shares of the Internet television network's stock valued at $659,000 after acquiring an additional 10 shares during the last quarter. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Netflix

In related news, Director Jay C. Hoag sold 31,750 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $1,252.35, for a total value of $39,762,112.50. Following the completion of the transaction, the director owned 63,040 shares in the company, valued at $78,948,144. This trade represents a 33.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Spencer Adam Neumann sold 2,601 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,211.67, for a total transaction of $3,151,553.67. Following the completion of the transaction, the chief financial officer owned 3,691 shares of the company's stock, valued at approximately $4,472,273.97. This trade represents a 41.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,483 shares of company stock worth $179,492,976 in the last 90 days. 1.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Evercore ISI reaffirmed an "outperform" rating on shares of Netflix in a research report on Thursday, May 15th. Citigroup reaffirmed a "neutral" rating and set a $1,250.00 price objective (up previously from $1,020.00) on shares of Netflix in a research report on Thursday, May 29th. Sanford C. Bernstein raised their price target on shares of Netflix from $1,200.00 to $1,390.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. UBS Group reiterated a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Finally, Rosenblatt Securities increased their price objective on Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,297.66.

Netflix Price Performance

Shares of NASDAQ:NFLX traded down $23.12 during trading on Tuesday, reaching $1,147.87. 2,650,494 shares of the company traded hands, compared to its average volume of 4,024,204. The firm has a market capitalization of $487.76 billion, a PE ratio of 48.91, a PEG ratio of 1.97 and a beta of 1.59. Netflix, Inc. has a 52 week low of $600.62 and a 52 week high of $1,341.15. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. The company's 50 day moving average is $1,234.03 and its two-hundred day moving average is $1,087.86.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 EPS for the quarter, beating the consensus estimate of $7.07 by $0.12. The business had revenue of $11.08 billion during the quarter, compared to the consensus estimate of $11.04 billion. Netflix had a net margin of 24.58% and a return on equity of 42.50%. The company's revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.88 earnings per share. As a group, sell-side analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current 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.