Envestnet Asset Management Inc. Reduces Stake in Netflix, Inc. (NASDAQ:NFLX)

Envestnet Asset Management Inc. reduced its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 7.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 601,454 shares of the Internet television network's stock after selling 50,490 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of Netflix worth $560,874,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NFLX. GAMMA Investing LLC increased its holdings in Netflix by 109,524.3% during the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock worth $8,239,576,000 after acquiring an additional 8,827,662 shares during the period. Norges Bank bought a new stake in Netflix during the fourth quarter valued at $5,019,087,000. Arrowstreet Capital Limited Partnership boosted its stake in Netflix by 59.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network's stock valued at $2,051,016,000 after buying an additional 856,307 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Netflix by 318.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 976,924 shares of the Internet television network's stock valued at $870,752,000 after buying an additional 743,724 shares during the period. Finally, Northern Trust Corp boosted its stake in Netflix by 14.3% during the fourth quarter. Northern Trust Corp now owns 4,574,006 shares of the Internet television network's stock valued at $4,076,903,000 after buying an additional 570,674 shares during the period. 80.93% of the stock is owned by institutional investors.

Netflix Stock Down 2.1%

Shares of NASDAQ:NFLX traded down $27.00 during trading on Tuesday, hitting $1,262.62. The stock had a trading volume of 897,938 shares, compared to its average volume of 4,265,833. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $537.33 billion, a PE ratio of 59.67, a PEG ratio of 2.35 and a beta of 1.59. The firm's fifty day moving average is $1,211.46 and its 200 day moving average is $1,041.22. Netflix, Inc. has a 12 month low of $587.04 and a 12 month high of $1,341.15.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The Internet television network reported $6.61 earnings per share for the quarter, topping the consensus estimate of $5.74 by $0.87. The company had revenue of $10.54 billion for the quarter, compared to the consensus estimate of $10.51 billion. Netflix had a return on equity of 39.61% and a net margin of 23.07%. During the same quarter in the prior year, the business posted $8.28 EPS. Analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Netflix news, CAO Jeffrey William Karbowski sold 620 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $1,286.84, for a total transaction of $797,840.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Spencer Adam Neumann sold 2,601 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the sale, the chief financial officer owned 3,691 shares in the company, valued at approximately $4,824,949.02. This represents a 41.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,723 shares of company stock worth $223,307,201 over the last three months. Corporate insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NFLX. Loop Capital reiterated a "hold" rating on shares of Netflix in a research report on Monday, March 24th. Robert W. Baird lifted their price target on Netflix from $1,200.00 to $1,300.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Evercore ISI reiterated an "outperform" rating on shares of Netflix in a research report on Thursday, May 15th. BMO Capital Markets reiterated an "outperform" rating and set a $1,200.00 price target (up previously from $1,175.00) on shares of Netflix in a research report on Friday, April 18th. Finally, Piper Sandler set a $1,150.00 price target on Netflix and gave the company an "overweight" rating in a research report on Monday, April 21st. Twelve research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,182.58.

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.