Hartford Investment Management Co. Has $24.34 Million Position in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Hartford Investment Management Co. reduced its stake in Netflix, Inc. by 1.2%, now holding 26,104 shares worth approximately $24.34 million, making it the firm's 20th largest position.
• Several institutional investors have increased their holdings in Netflix, including Halbert Hargrove Global Advisors, which raised its stake by 100% during the same period.
• Netflix's recent earnings report indicated $7.19 earnings per share, surpassing analyst expectations, and a 15.9% increase in revenue year-over-year.

Hartford Investment Management Co. trimmed its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 1.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,104 shares of the Internet television network's stock after selling 310 shares during the period. Netflix accounts for about 0.8% of Hartford Investment Management Co.'s investment portfolio, making the stock its 20th biggest holding. Hartford Investment Management Co.'s holdings in Netflix were worth $24,343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NFLX. Brighton Jones LLC raised its stake in shares of Netflix by 5.0% during the fourth quarter. Brighton Jones LLC now owns 5,390 shares of the Internet television network's stock worth $4,804,000 after buying an additional 257 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Netflix by 16.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock worth $912,000 after buying an additional 144 shares during the last quarter. BIP Wealth LLC raised its stake in shares of Netflix by 23.8% during the fourth quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock worth $403,000 after buying an additional 87 shares during the last quarter. OLD Mission Capital LLC bought a new stake in shares of Netflix during the fourth quarter worth approximately $361,000. Finally, OneAscent Financial Services LLC raised its stake in shares of Netflix by 76.8% during the fourth quarter. OneAscent Financial Services LLC now owns 776 shares of the Internet television network's stock worth $691,000 after buying an additional 337 shares during the last quarter. 80.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NFLX shares. UBS Group reissued a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Canaccord Genuity Group reissued a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. Macquarie boosted their price target on shares of Netflix from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Monday, April 21st. Loop Capital reaffirmed a "hold" rating on shares of Netflix in a research note on Tuesday, July 15th. Finally, Bank of America upped their target price on shares of Netflix from $1,175.00 to $1,490.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Netflix has a consensus rating of "Moderate Buy" and a consensus target price of $1,297.66.

Netflix Stock Down 0.1%

Netflix stock traded down $0.80 during mid-day trading on Friday, reaching $1,158.60. The company's stock had a trading volume of 3,886,745 shares, compared to its average volume of 3,831,108. The company has a market capitalization of $492.32 billion, a price-to-earnings ratio of 49.37, a price-to-earnings-growth ratio of 1.95 and a beta of 1.59. Netflix, Inc. has a 12 month low of $587.04 and a 12 month high of $1,341.15. The business's 50 day simple moving average is $1,234.32 and its 200 day simple moving average is $1,082.35. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34.

Netflix (NASDAQ:NFLX - Get Free Report) last released its earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, beating analysts' consensus estimates 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 firm's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $4.88 earnings per share. As a group, research analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jay C. Hoag sold 31,750 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $78,948,144. This trade represents a 33.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory K. Peters sold 2,027 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $1,141.51, for a total transaction of $2,313,840.77. Following the completion of the transaction, the chief executive officer directly owned 12,781 shares of the company's stock, valued at approximately $14,589,639.31. This trade represents a 13.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 123,830 shares of company stock valued at $153,102,930 in the last quarter. Company insiders own 1.37% of the company's stock.

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.