Left Brain Wealth Management LLC Cuts Position in Netflix, Inc. (NASDAQ:NFLX)

Left Brain Wealth Management LLC reduced its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,435 shares of the Internet television network's stock after selling 445 shares during the quarter. Netflix accounts for 4.6% of Left Brain Wealth Management LLC's portfolio, making the stock its 4th largest position. Left Brain Wealth Management LLC's holdings in Netflix were worth $10,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Netflix by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 37,488,005 shares of the Internet television network's stock worth $33,413,809,000 after acquiring an additional 171,712 shares in the last quarter. FMR LLC raised its stake in Netflix by 1.8% during the fourth quarter. FMR LLC now owns 20,887,090 shares of the Internet television network's stock worth $18,617,081,000 after acquiring an additional 375,234 shares in the last quarter. Geode Capital Management LLC raised its stake in Netflix by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 9,323,952 shares of the Internet television network's stock worth $8,287,823,000 after acquiring an additional 175,596 shares in the last quarter. GAMMA Investing LLC raised its stake in Netflix by 109,524.3% during the first 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 in the last quarter. Finally, Norges Bank acquired a new position in Netflix during the fourth quarter worth $5,019,087,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NFLX has been the subject of a number of research reports. Citigroup restated a "neutral" rating and issued a $1,250.00 target price (up from $1,020.00) on shares of Netflix in a research note on Thursday, May 29th. JPMorgan Chase & Co. raised their target price on Netflix from $1,220.00 to $1,230.00 and gave the company a "neutral" rating in a research note on Friday. Cfra Research upgraded Netflix to a "strong-buy" rating in a research note on Monday, April 28th. Loop Capital restated a "hold" rating on shares of Netflix in a research note on Monday, March 24th. Finally, Oppenheimer raised their target price on Netflix from $1,200.00 to $1,425.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Netflix currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,220.58.

Netflix Stock Up 1.4%

Shares of NASDAQ:NFLX traded up $16.84 during trading on Monday, hitting $1,261.95. 2,774,453 shares of the company's stock traded hands, compared to its average volume of 3,764,148. Netflix, Inc. has a 52 week low of $587.04 and a 52 week high of $1,341.15. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.58. The company has a market cap of $537.05 billion, a price-to-earnings ratio of 59.64, a price-to-earnings-growth ratio of 2.25 and a beta of 1.59. The company has a 50-day moving average price of $1,221.70 and a 200-day moving average price of $1,050.73.

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

Insiders Place Their Bets

In other Netflix news, Director Reed Hastings sold 26,977 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $1,133.05, for a total value of $30,566,289.85. Following the sale, the director owned 394 shares in the company, valued at approximately $446,421.70. The trade was a 98.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jay C. Hoag sold 32,515 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $1,101.97, for a total value of $35,830,554.55. Following the completion of the sale, the director owned 79,040 shares in the company, valued at $87,099,708.80. The trade was a 29.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,723 shares of company stock worth $223,307,201. Company insiders own 1.37% of the company's stock.

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.