Netflix, Inc. (NASDAQ:NFLX) Holdings Increased by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC increased its holdings in Netflix, Inc. by 26.0% during Q1, owning 13,617 shares valued at approximately $12.7 million, making it the 5th largest position in their portfolio.
• Netflix's recent quarterly earnings reported an EPS of $7.19, surpassing analysts' expectations, with revenues of $11.08 billion reflecting a 15.9% year-over-year growth.
• Insider sales included CFO Spencer Neumann selling 2,601 shares and Director Jay C. Hoag selling 31,750 shares, indicating a decrease in their ownership positions.

Sierra Summit Advisors LLC raised its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 26.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,617 shares of the Internet television network's stock after purchasing an additional 2,806 shares during the period. Netflix makes up about 2.8% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 5th largest holding. Sierra Summit Advisors LLC's holdings in Netflix were worth $12,698,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NFLX. Brighton Jones LLC lifted its holdings in shares of Netflix by 5.0% during the 4th quarter. Brighton Jones LLC now owns 5,390 shares of the Internet television network's stock valued at $4,804,000 after buying an additional 257 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of Netflix by 16.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock valued at $912,000 after buying an additional 144 shares during the period. BIP Wealth LLC lifted its holdings in shares of Netflix by 23.8% during the 4th quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock valued at $403,000 after buying an additional 87 shares during the period. Argent Trust Co lifted its holdings in shares of Netflix by 23.7% during the 4th quarter. Argent Trust Co now owns 4,225 shares of the Internet television network's stock valued at $3,766,000 after buying an additional 809 shares during the period. Finally, Tandem Wealth Advisors LLC bought a new position in shares of Netflix during the 4th quarter valued at $230,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction dated 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 transaction, the chief financial officer directly owned 3,691 shares of the company's stock, valued at approximately $4,824,949.02. The trade was a 41.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jay C. Hoag sold 31,750 shares of Netflix stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $1,252.35, for a total transaction of $39,762,112.50. Following the sale, the director owned 63,040 shares of the company's stock, valued at $78,948,144. The trade was a 33.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,226 shares of company stock valued at $183,849,784 in the last quarter. 1.37% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

NFLX has been the topic of several research analyst reports. Seaport Res Ptn cut Netflix from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 6th. JPMorgan Chase & Co. increased their price target on Netflix from $1,230.00 to $1,300.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Rosenblatt Securities upped their price objective on Netflix from $1,514.00 to $1,515.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Bank of America upped their price objective on Netflix from $1,175.00 to $1,490.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, UBS Group restated a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Netflix presently has an average rating of "Moderate Buy" and an average price target of $1,297.66.

Netflix Stock Performance

Netflix stock opened at $1,211.64 on Friday. The company's 50-day moving average price is $1,232.25 and its 200-day moving average price is $1,093.48. Netflix, Inc. has a twelve month low of $622.99 and a twelve month 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 cap of $514.86 billion, a PE ratio of 51.63, a price-to-earnings-growth ratio of 1.99 and a beta of 1.59.

Netflix (NASDAQ:NFLX - Get Free Report) last released 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 net margin of 24.58% and a return on equity of 42.50%. The firm had revenue of $11.08 billion during the quarter, compared to analysts' expectations of $11.04 billion. During the same period in the previous year, the company earned $4.88 EPS. The firm's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts forecast that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

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.

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