Netflix, Inc. (NASDAQ:NFLX) Shares Acquired by MGB Wealth Management LLC

Key Points

• MGB Wealth Management LLC increased its stake in Netflix, Inc. by 87.6%, holding 694 shares valued at approximately $647,000 as of the latest SEC filing.
• Insider Director Jay C. Hoag sold 31,750 shares of Netflix for over $39 million, reducing his position by 33.50%.
• Netflix reported $7.19 EPS for the quarter, exceeding expectations, with a revenue of $11.08 billion, marking a 15.9% year-over-year increase.

MGB Wealth Management LLC increased its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 87.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 694 shares of the Internet television network's stock after purchasing an additional 324 shares during the period. MGB Wealth Management LLC's holdings in Netflix were worth $647,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Resurgent Financial Advisors LLC raised its holdings in shares of Netflix by 234.4% in 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 in the last quarter. Janus Henderson Group PLC boosted its position 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 purchasing an additional 110,432 shares in the last quarter. PharVision Advisers LLC purchased a new stake in shares of Netflix during the fourth quarter worth about $873,000. New England Research & Management Inc. increased its stake in Netflix by 148.5% during 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 increased its position in shares of Netflix by 6.1% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,638 shares of the Internet television network's stock valued at $50,952,000 after acquiring an additional 3,137 shares during the period. Institutional investors own 80.93% of the company's stock.

Insider Activity

In other news, CFO Spencer Adam Neumann sold 2,601 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $1,307.22, for a total transaction of $3,400,079.22. Following the completion of the sale, the chief financial officer owned 3,691 shares in the company, valued at $4,824,949.02. This trade represents a 41.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reed Hastings sold 26,933 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,211.66, for a total value of $32,633,638.78. Following the completion of the transaction, the director directly owned 394 shares in the company, valued at approximately $477,394.04. This trade represents a 98.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 151,584 shares of company stock valued at $185,411,484 over the last three months. 1.37% of the stock is currently owned by company insiders.

Netflix Price Performance

Shares of NASDAQ NFLX traded up $1.89 during midday trading on Thursday, hitting $1,180.37. The stock had a trading volume of 2,625,184 shares, compared to its average volume of 4,041,499. The stock has a 50 day simple moving average of $1,232.06 and a 200-day simple moving average of $1,091.12. Netflix, Inc. has a 1 year low of $616.02 and a 1 year high of $1,341.15. 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 capitalization of $501.57 billion, a PE ratio of 50.29, a P/E/G ratio of 1.98 and a beta of 1.59.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on NFLX shares. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Netflix in a report on Thursday, July 10th. Rosenblatt Securities lifted their price objective on shares of Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Guggenheim reiterated a "buy" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of Netflix in a research note on Friday, April 18th. Needham & Company LLC reissued a "buy" rating and set a $1,500.00 target price on shares of Netflix in a report on Friday, July 18th. Finally, Jefferies Financial Group set a $1,500.00 price target on shares of 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 issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.