Legacy Capital Group California Inc. Cuts Stake in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Legacy Capital Group California Inc. reduced its stake in Netflix, Inc. by 57.8%, now holding 1,251 shares valued at approximately $1,167,000.
• Several institutional investors, including Fullcircle Wealth LLC and Continuum Wealth Advisors LLC, have increased their positions in Netflix during the 1st quarter, indicating ongoing interest in the stock.
• Brokerages have raised their price targets for Netflix shares, with Wells Fargo & Company setting a target of $1,560.00, and the consensus price target currently at $1,297.66.

Legacy Capital Group California Inc. lowered its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 57.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,251 shares of the Internet television network's stock after selling 1,712 shares during the quarter. Legacy Capital Group California Inc.'s holdings in Netflix were worth $1,167,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Netflix by 109,524.3% in the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock valued at $8,239,576,000 after acquiring an additional 8,827,662 shares during the last quarter. Northern Trust Corp grew its stake in Netflix by 14.3% during the fourth quarter. Northern Trust Corp now owns 4,574,006 shares of the Internet television network's stock worth $4,076,903,000 after purchasing an additional 570,674 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Netflix by 42.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,387,159 shares of the Internet television network's stock valued at $1,293,567,000 after acquiring an additional 410,235 shares in the last quarter. Janus Henderson Group PLC raised its stake in Netflix by 8.7% during the 4th quarter. Janus Henderson Group PLC now owns 1,377,081 shares of the Internet television network's stock worth $1,227,468,000 after buying an additional 110,432 shares during the period. Finally, Deutsche Bank AG lifted its position in Netflix by 5.1% in the 4th quarter. Deutsche Bank AG now owns 1,303,103 shares of the Internet television network's stock valued at $1,161,482,000 after acquiring an additional 63,534 shares in the last quarter. Institutional investors own 80.93% of the company's stock.

Insider Buying and Selling

In other news, CEO Theodore A. Sarandos sold 2,026 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $1,160.62, for a total value of $2,351,416.12. Following the completion of the sale, the chief executive officer directly owned 15,168 shares in the company, valued at $17,604,284.16. This represents a 11.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Cletus R. Willems sold 238 shares of Netflix stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $1,153.52, for a total value of $274,537.76. The disclosure for this sale can be found here. Insiders sold 151,584 shares of company stock worth $185,411,484 in the last three months. 1.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on NFLX shares. Sanford C. Bernstein boosted their price target on shares of Netflix from $1,200.00 to $1,390.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Cfra Research upgraded Netflix to a "strong-buy" rating in a research report on Monday, April 28th. The Goldman Sachs Group raised their price target on shares of Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Citigroup reissued a "neutral" rating and issued a $1,250.00 price target (up previously from $1,020.00) on shares of Netflix in a report on Thursday, May 29th. Finally, Jefferies Financial Group set a $1,500.00 price objective on Netflix and gave the company a "buy" rating in a report on Friday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Netflix presently has an average rating of "Moderate Buy" and a consensus target price of $1,297.66.

Netflix Stock Up 0.2%

Shares of NASDAQ NFLX traded up $1.89 on Thursday, reaching $1,180.37. 2,625,184 shares of the company's stock traded hands, compared to its average volume of 4,041,499. The business's 50 day simple moving average is $1,232.06 and its two-hundred day simple moving average is $1,091.12. Netflix, Inc. has a 12 month low of $616.02 and a 12 month high of $1,341.15. The company has a market cap of $501.57 billion, a price-to-earnings ratio of 50.29, a price-to-earnings-growth ratio of 1.98 and a beta of 1.59. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58.

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

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.