Netflix, Inc. (NASDAQ:NFLX) is Ithaka Group LLC's 10th Largest Position

Key Points

• Ithaka Group LLC has reduced its position in Netflix, Inc. by 1.4%, making it the fund's 10th largest position with approximately 4.1% of its portfolio, valued at about $20.14 million.
• Multiple analysts have recently raised their price targets for Netflix, with estimates ranging from $1,390.00 to $1,560.00, reflecting strong market confidence in the stock.
• Insiders have sold significant shares of Netflix, with notable sales by directors totaling over $179 million in just three months, indicating potential shifts in insider confidence.

Ithaka Group LLC lowered its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,601 shares of the Internet television network's stock after selling 313 shares during the period. Netflix accounts for 4.1% of Ithaka Group LLC's holdings, making the stock its 10th largest holding. Ithaka Group LLC's holdings in Netflix were worth $20,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC raised its stake in Netflix by 100.0% during the first quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock worth $25,000 after buying an additional 13 shares during the last quarter. Brown Shipley& Co Ltd bought a new position in Netflix during the fourth quarter worth $27,000. Transce3nd LLC bought a new position in Netflix during the fourth quarter worth $32,000. Copia Wealth Management bought a new position in Netflix during the fourth quarter worth $37,000. Finally, Stuart Chaussee & Associates Inc. raised its stake in Netflix by 4,500.0% during the fourth quarter. Stuart Chaussee & Associates Inc. now owns 46 shares of the Internet television network's stock worth $41,000 after buying an additional 45 shares during the last quarter. Institutional investors and hedge funds own 80.93% of the company's stock.

Netflix Stock Performance

Shares of NASDAQ NFLX traded down $23.12 during midday trading on Tuesday, hitting $1,147.87. The company's stock had a trading volume of 2,650,494 shares, compared to its average volume of 4,024,204. The stock has a fifty day moving average price of $1,232.75 and a 200 day moving average price of $1,088.27. Netflix, Inc. has a one year low of $600.62 and a one year high of $1,341.15. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $487.76 billion, a price-to-earnings ratio of 48.91, a P/E/G ratio of 1.97 and a beta of 1.59.

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

Insider Activity

In related news, Director Bradford L. Smith sold 3,919 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $1,124.26, for a total transaction of $4,405,974.94. Following the completion of the transaction, the director owned 7,969 shares of the company's stock, valued at approximately $8,959,227.94. The trade was a 32.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Spencer Adam Neumann sold 2,601 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,211.67, for a total transaction of $3,151,553.67. Following the transaction, the chief financial officer directly owned 3,691 shares of the company's stock, valued at approximately $4,472,273.97. This represents a 41.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,483 shares of company stock worth $179,492,976 in the last three months. Insiders own 1.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NFLX. Wells Fargo & Company lifted their target price on shares of Netflix from $1,500.00 to $1,560.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. TD Cowen raised their price target on shares of Netflix from $1,440.00 to $1,450.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Needham & Company LLC restated a "buy" rating and issued a $1,500.00 price target on shares of Netflix in a report on Friday, July 18th. Evercore ISI restated an "outperform" rating on shares of Netflix in a report on Thursday, May 15th. Finally, Loop Capital restated a "hold" rating on shares of Netflix in a report on Tuesday, July 15th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Netflix has a consensus rating of "Moderate Buy" and a consensus target price of $1,297.66.

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.