Lockheed Martin Investment Management Co. Sells 17,800 Shares of Netflix, Inc. $NFLX

Key Points

• Lockheed Martin Investment Management cut its Netflix stake by 31.2%, selling 17,800 shares in the third quarter and retaining 39,160 shares valued at $2.725 million.
• Netflix executives sold shares in transactions the article says were to cover tax withholding on vested equity awards; insiders sold 61,712 shares worth about $4.05 million in the last quarter.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $89.14. Netflix beat quarterly EPS expectations, reporting $0.87 per share, while revenue rose 11.9% year over year.

Lockheed Martin Investment Management Co. decreased its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 31.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,160 shares of the Internet television network's stock after selling 17,800 shares during the period. Lockheed Martin Investment Management Co.'s holdings in Netflix were worth $2,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Avengers Inc. raised its position in Netflix by 9.8% during the first quarter. Financial Avengers Inc. now owns 1,290 shares of the Internet television network's stock worth $124,000 after acquiring an additional 115 shares during the period. First Growth Capital LLC lifted its holdings in Netflix by 1.0% during the first quarter. First Growth Capital LLC now owns 13,189 shares of the Internet television network's stock valued at $1,260,000 after purchasing an additional 130 shares in the last quarter. Conservest Capital Advisors Inc. grew its position in shares of Netflix by 5.7% in the first quarter. Conservest Capital Advisors Inc. now owns 2,445 shares of the Internet television network's stock valued at $235,000 after purchasing an additional 131 shares during the period. Vantage Point Financial LLC grew its position in shares of Netflix by 4.0% in the first quarter. Vantage Point Financial LLC now owns 3,500 shares of the Internet television network's stock valued at $337,000 after purchasing an additional 134 shares during the period. Finally, Wisconsin Wealth Advisors LLC grew its position in shares of Netflix by 2.6% in the second quarter. Wisconsin Wealth Advisors LLC now owns 5,324 shares of the Internet television network's stock valued at $380,000 after purchasing an additional 136 shares during the period. Institutional investors and hedge funds own 80.93% of the company's stock.

Insider Transactions at Netflix

In other Netflix news, CFO Spencer Neumann sold 9,253 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $66.15, for a total transaction of $612,085.95. Following the sale, the chief financial officer owned 73,787 shares in the company, valued at approximately $4,881,010.05. This represents a 11.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Theodore Sarandos sold 27,312 shares of the firm's stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $66.20, for a total transaction of $1,808,054.40. Following the sale, the chief executive officer directly owned 178,954 shares in the company, valued at $11,846,754.80. This represents a 13.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 61,712 shares of company stock worth $4,051,144 in the last quarter. Insiders own 1.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on NFLX shares. DZ Bank reissued a "buy" rating on shares of Netflix in a research note on Monday, July 20th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $80.00 price target (down from $95.00) on shares of Netflix in a research note on Wednesday, October 21st. Jefferies Financial Group set a $85.00 price objective on Netflix and gave the stock a "buy" rating in a report on Thursday, October 15th. Yorkville Ives started coverage on Netflix in a research note on Monday, October 5th. They set an "in-line" rating and a $75.00 price objective for the company. Finally, KeyCorp cut their price objective on Netflix from $92.00 to $85.00 and set an "overweight" rating for the company in a research note on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.14.

Netflix Stock Up 0.9%

Shares of NASDAQ:NFLX opened at $63.95 on Tuesday. The stock has a market cap of $262.60 billion, a P/E ratio of 18.48, a PEG ratio of 0.97 and a beta of 1.62. The business has a fifty day moving average of $70.68 and a two-hundred day moving average of $80.86. Netflix, Inc. has a 52-week low of $61.39 and a 52-week high of $116.73. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.43.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The Internet television network reported $0.87 EPS for the quarter, beating the consensus estimate of $0.82 by $0.05. The business had revenue of $12.87 billion during the quarter, compared to analysts' expectations of $12.87 billion. Netflix had a return on equity of 42.69% and a net margin of 29.69%. The company's quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. On average, research analysts expect that Netflix, Inc. will post 3.59 earnings per share for the current year.

Netflix Company Profile

Netflix, Inc is an entertainment company that offers subscription-based streaming of television series, films, documentaries and other programming. Its service also includes mobile games and, in some markets, advertising-supported viewing plans. Netflix produces and licenses content, including titles made under its Netflix brand.

Founded in 1997 by Reed Hastings and Marc Randolph as a DVD-by-mail rental business, the company launched its streaming service in 2007 and later expanded into original programming.

Want to see what other hedge funds are holding NFLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Netflix, Inc. (NASDAQ:NFLX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.