Magellan Asset Management Ltd Sells 53,773 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Magellan Asset Management Ltd reduced its holdings in Netflix, Inc. by 15.2% during the first quarter, now holding 300,075 shares valued at approximately $279.83 million.
• Other institutional investors have also adjusted their positions, with Invesco Ltd. increasing its stake by 8.3% and Stonebridge Capital Management Inc. raising its position by 84.3% in the same period.
• Netflix's stock received mixed ratings from analysts, with price targets ranging from $1,150 to $1,300, resulting in an average rating of "Moderate Buy".

Magellan Asset Management Ltd decreased its position in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 15.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 300,075 shares of the Internet television network's stock after selling 53,773 shares during the quarter. Netflix comprises approximately 3.4% of Magellan Asset Management Ltd's investment portfolio, making the stock its 9th biggest position. Magellan Asset Management Ltd owned about 0.07% of Netflix worth $279,829,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Resurgent Financial Advisors LLC raised its stake in shares of Netflix by 234.4% during the first quarter. Resurgent Financial Advisors LLC now owns 1,010 shares of the Internet television network's stock valued at $942,000 after acquiring an additional 708 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Netflix by 8.7% in 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 in the last quarter. PharVision Advisers LLC bought a new stake in Netflix during the 4th quarter valued at about $873,000. New England Research & Management Inc. raised its holdings in shares of Netflix by 148.5% in the 1st quarter. New England Research & Management Inc. now owns 2,122 shares of the Internet television network's stock valued at $1,979,000 after purchasing an additional 1,268 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Netflix by 6.1% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,638 shares of the Internet television network's stock worth $50,952,000 after purchasing an additional 3,137 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Theodore A. Sarandos sold 2,026 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $1,160.62, for a total transaction of $2,351,416.12. Following the completion of the transaction, the chief executive officer directly owned 15,168 shares of the company's stock, valued at $17,604,284.16. The trade was a 11.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Cletus R. Willems sold 238 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was 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. In the last ninety days, insiders sold 150,226 shares of company stock worth $183,849,784. 1.37% of the stock is owned by company insiders.

Netflix Stock Up 2.6%

NFLX stock traded up $31.27 during midday trading on Friday, reaching $1,211.64. 3,811,512 shares of the company's stock traded hands, compared to its average volume of 3,954,067. The firm's fifty day moving average price is $1,232.25 and its 200-day moving average price is $1,095.21. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. The company has a market cap of $514.86 billion, a price-to-earnings ratio of 51.63, a P/E/G ratio of 2.04 and a beta of 1.59. Netflix, Inc. has a 52 week low of $622.99 and a 52 week high of $1,341.15.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Seaport Res Ptn lowered shares of Netflix from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 6th. BMO Capital Markets reiterated an "outperform" rating and set a $1,425.00 target price (up previously from $1,200.00) on shares of Netflix in a report on Tuesday, July 15th. Bank of America increased their target price on Netflix from $1,175.00 to $1,490.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Phillip Securities lowered Netflix from a "hold" rating to a "strong sell" rating in a research report on Monday, July 21st. Finally, Macquarie boosted their price objective on Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Monday, April 21st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Netflix currently has a consensus rating of "Moderate Buy" and an average target price of $1,297.66.

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.