Equitable Holdings Inc. Sells 27,575 Shares of Netflix, Inc. $NFLX

Equitable Holdings Inc. decreased its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 12.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 195,115 shares of the Internet television network's stock after selling 27,575 shares during the quarter. Equitable Holdings Inc.'s holdings in Netflix were worth $13,931,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Netflix during the 2nd quarter worth about $24,902,221,000. State Street Corp grew its position in shares of Netflix by 927.6% during the 4th quarter. State Street Corp now owns 176,780,995 shares of the Internet television network's stock worth $16,574,986,000 after buying an additional 159,578,053 shares during the period. Geode Capital Management LLC grew its position in shares of Netflix by 892.0% during the 4th quarter. Geode Capital Management LLC now owns 99,598,678 shares of the Internet television network's stock worth $9,305,336,000 after buying an additional 89,558,684 shares during the period. Capital World Investors raised its stake in shares of Netflix by 859.1% during the fourth quarter. Capital World Investors now owns 89,341,444 shares of the Internet television network's stock worth $8,376,656,000 after buying an additional 80,025,890 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Netflix by 685.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,058,878 shares of the Internet television network's stock valued at $8,068,882,000 after buying an additional 75,107,069 shares during the period. Institutional investors own 80.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NFLX shares. UBS Group cut their price target on Netflix from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, July 17th. KeyCorp reiterated an "overweight" rating and issued a $92.00 price objective (down from $115.00) on shares of Netflix in a report on Monday, July 13th. Phillip Securities raised Netflix from a "moderate buy" rating to a "strong-buy" rating in a research note on Sunday, July 19th. Piper Sandler restated an "overweight" rating and set a $85.00 target price (down from $115.00) on shares of Netflix in a report on Friday, July 17th. Finally, Oppenheimer set a $85.00 target price on Netflix and gave the stock an "outperform" rating in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $103.19.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Netflix’s advertising strategy remains a potential earnings catalyst. The company is targeting roughly $3 billion in advertising revenue, while expanding ad-supported plans globally and incorporating live events to improve monetization. Netflix Stock Opinions on Ad Monetization and Market Resistance
• Positive Sentiment: Analyst support and a stronger content lineup are helping underpin the recovery narrative. Wolfe Research recently raised its price target to $95, while reports of a Netflix-related Grand Theft Auto VI preview and other upcoming releases could support engagement and subscriber monetization. Jim Cramer Says Netflix Worth the Risk as Wolfe Raises Price Target to $95
• Neutral Sentiment: The stock has historically attracted buyers near its current technical floor, and it has recovered more than 21% from a recent low. However, investors are watching whether the rebound can break through resistance and develop into a sustained advance. NFLX Has Bounced From This Price Before. Now What?
• Neutral Sentiment: Netflix continues to post solid fundamentals: latest quarterly revenue rose 13.4% year over year to $12.56 billion, while earnings modestly exceeded expectations. The slight revenue miss and debate over slowing growth, however, have limited investor enthusiasm.
• Negative Sentiment: Relative weakness is notable because Netflix declined even as the broader market advanced. Analysts increasingly view Alphabet as having an edge because of its faster-growing, diversified advertising business and lower valuation, raising concerns about Netflix’s multiple and future growth rate. NFLX vs. GOOGL: Which Streaming and Ad Stock Has an Edge Right Now?
• Negative Sentiment: Reported insider activity has been heavily skewed toward selling, with no insider purchases and multiple sales by executives and directors over the past six months. While such transactions do not necessarily signal deteriorating operations, they can weigh on sentiment during a technical pullback. Netflix Insider Trading and Market Resistance

Insider Buying and Selling at Netflix

In other Netflix news, CEO Theodore A. Sarandos sold 27,312 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $73.35, for a total transaction of $2,003,335.20. Following the sale, the chief executive officer directly owned 178,954 shares in the company, valued at approximately $13,126,275.90. This trade represents a 13.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Richard N. Barton sold 2,160 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $75.10, for a total transaction of $162,216.00. Following the completion of the transaction, the director owned 246 shares of the company's stock, valued at $18,474.60. This trade represents a 89.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 600,295 shares of company stock worth $49,056,671 in the last quarter. Company insiders own 1.24% of the company's stock.

Netflix Price Performance

NFLX opened at $79.84 on Friday. The stock has a market cap of $332.45 billion, a P/E ratio of 25.13, a P/E/G ratio of 1.02 and a beta of 1.52. Netflix, Inc. has a 12 month low of $65.08 and a 12 month high of $126.71. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The company has a fifty day simple moving average of $74.56 and a 200 day simple moving average of $84.35.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.01. Netflix had a return on equity of 40.02% and a net margin of 28.22%.The firm had revenue of $12.56 billion for the quarter, compared to analyst estimates of $12.58 billion. During the same period in the previous year, the company posted $0.72 earnings per share. The company's revenue for the quarter was up 13.4% on a year-over-year basis. On average, research analysts expect that Netflix, Inc. will post 3.59 EPS for the current year.

About Netflix

Netflix, Inc NASDAQ: NFLX is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.

The company's primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.

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