Kestra Private Wealth Services LLC Cuts Position in Netflix, Inc. (NASDAQ:NFLX)

Kestra Private Wealth Services LLC cut its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 14.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,405 shares of the Internet television network's stock after selling 4,455 shares during the period. Kestra Private Wealth Services LLC's holdings in Netflix were worth $24,623,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Fountainhead AM LLC lifted its holdings in Netflix by 43.8% during the 1st quarter. Fountainhead AM LLC now owns 496 shares of the Internet television network's stock valued at $463,000 after buying an additional 151 shares in the last quarter. Resurgent Financial Advisors LLC lifted its holdings in Netflix by 234.4% during the 1st quarter. Resurgent Financial Advisors LLC now owns 1,010 shares of the Internet television network's stock valued at $942,000 after buying an additional 708 shares in the last quarter. Birinyi Associates Inc. lifted its holdings in Netflix by 389.6% during the 1st quarter. Birinyi Associates Inc. now owns 2,693 shares of the Internet television network's stock valued at $2,512,000 after buying an additional 2,143 shares in the last quarter. ARQ Wealth Advisors LLC bought a new stake in shares of Netflix in the 1st quarter valued at about $232,000. Finally, Auxano Advisors LLC raised its holdings in shares of Netflix by 3.7% in the 1st quarter. Auxano Advisors LLC now owns 610 shares of the Internet television network's stock valued at $569,000 after purchasing an additional 22 shares in the last quarter. 80.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NFLX has been the subject of several recent research reports. Morgan Stanley restated an "equal weight" rating on shares of Netflix in a report on Monday. Needham & Company LLC reiterated a "buy" rating and set a $1,500.00 price objective on shares of Netflix in a research note on Friday. Evercore ISI reiterated an "outperform" rating on shares of Netflix in a research note on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. Finally, Piper Sandler boosted their price objective on shares of Netflix from $1,400.00 to $1,500.00 and gave the stock an "overweight" rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,297.66.

Insider Activity at Netflix

In related news, CFO Spencer Adam Neumann sold 2,601 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $1,132.38, for a total value of $2,945,320.38. Following the sale, the chief financial officer directly owned 3,691 shares in the company, valued at $4,179,614.58. The trade was a 41.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reed Hastings sold 26,977 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $1,133.05, for a total transaction of $30,566,289.85. Following the completion of the transaction, the director owned 394 shares in the company, valued at approximately $446,421.70. This trade represents a 98.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 186,563 shares of company stock valued at $223,147,201. Company insiders own 1.37% of the company's stock.

Netflix Stock Performance

NFLX traded up $20.06 during trading on Monday, hitting $1,229.30. The stock had a trading volume of 3,988,343 shares, compared to its average volume of 3,764,335. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.20 and a current ratio of 1.34. The firm has a market capitalization of $523.15 billion, a P/E ratio of 52.48, a PEG ratio of 2.15 and a beta of 1.59. The company's 50-day moving average price is $1,232.59 and its 200 day moving average price is $1,063.17. Netflix, Inc. has a twelve month low of $587.04 and a twelve month high of $1,341.15.

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