Joseph P. Lucia & Associates LLC Acquires 375 Shares of Netflix, Inc. $NFLX

Key Points

• Joseph P. Lucia & Associates LLC significantly increased its stake in Netflix by 92.1%, acquiring an additional 375 shares, bringing its total holdings to 782 shares valued at approximately $1,047,000.
• Netflix reported strong financial performance, with a Q2 EPS of $7.19 surpassing estimates, and revenues of $11.08 billion, marking a 15.9% year-over-year increase.
• Multiple analysts have increased their price targets for Netflix, with Piper Sandler raising it to $1,500.00 and a consensus price target of $1,339.81, reflecting confidence in the stock's performance.

Joseph P. Lucia & Associates LLC raised its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 92.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 782 shares of the Internet television network's stock after acquiring an additional 375 shares during the quarter. Joseph P. Lucia & Associates LLC's holdings in Netflix were worth $1,047,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Wealthstream Advisors Inc. raised its holdings in Netflix by 8.8% during the second quarter. Wealthstream Advisors Inc. now owns 1,066 shares of the Internet television network's stock valued at $1,428,000 after acquiring an additional 86 shares during the period. International Assets Investment Management LLC raised its holdings in Netflix by 5.2% during the second quarter. International Assets Investment Management LLC now owns 8,511 shares of the Internet television network's stock valued at $11,397,000 after acquiring an additional 423 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Netflix during the second quarter valued at about $106,880,000. Signature Estate & Investment Advisors LLC raised its holdings in Netflix by 17.7% during the second quarter. Signature Estate & Investment Advisors LLC now owns 724 shares of the Internet television network's stock valued at $970,000 after acquiring an additional 109 shares during the period. Finally, Novare Capital Management LLC raised its holdings in Netflix by 32.4% during the second quarter. Novare Capital Management LLC now owns 441 shares of the Internet television network's stock valued at $591,000 after acquiring an additional 108 shares during the period. 80.93% of the stock is owned by institutional investors.

Netflix Trading Up 1.3%

NFLX opened at $1,199.36 on Friday. The firm has a market cap of $509.64 billion, a P/E ratio of 51.10, a P/E/G ratio of 2.02 and a beta of 1.59. Netflix, Inc. has a 12 month low of $736.23 and a 12 month high of $1,341.15. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $1,213.47 and a 200 day moving average of $1,177.58.

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

Analyst Ratings Changes

A number of equities research analysts have commented on NFLX shares. Piper Sandler raised their price target on Netflix from $1,400.00 to $1,500.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Rosenblatt Securities raised 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. TD Cowen cut their price objective on Netflix from $1,450.00 to $1,425.00 and set a "buy" rating for the company in a research report on Tuesday, October 7th. Morgan Stanley set a $1,500.00 price objective on Netflix in a research report on Monday, October 13th. Finally, BMO Capital Markets restated an "outperform" rating and set a $1,425.00 price objective (up previously from $1,200.00) on shares of Netflix in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,339.81.

Insider Buying and Selling

In related news, Director Reed Hastings sold 42,176 shares of Netflix stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $1,171.92, for a total value of $49,426,897.92. Following the completion of the transaction, the director owned 394 shares in the company, valued at approximately $461,736.48. This trade represents a 99.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory K. Peters 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 $1,157.44, for a total transaction of $2,344,973.44. Following the completion of the sale, the chief executive officer directly owned 12,781 shares of the company's stock, valued at approximately $14,793,240.64. The trade was a 13.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,100 shares of company stock valued at $122,710,980 in the last quarter. 1.37% of the stock is currently owned by insiders.

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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