Procyon Advisors LLC Increases Stake in Netflix, Inc. (NASDAQ:NFLX)

Procyon Advisors LLC boosted its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,794 shares of the Internet television network's stock after purchasing an additional 2,203 shares during the period. Netflix makes up approximately 1.2% of Procyon Advisors LLC's holdings, making the stock its 17th largest position. Procyon Advisors LLC's holdings in Netflix were worth $20,324,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NFLX. Vanguard Group Inc. raised its position in Netflix by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 37,488,005 shares of the Internet television network's stock worth $33,413,809,000 after acquiring an additional 171,712 shares during the period. FMR LLC grew its position in shares of Netflix by 1.8% during the 4th quarter. FMR LLC now owns 20,887,090 shares of the Internet television network's stock valued at $18,617,081,000 after acquiring an additional 375,234 shares during the period. Geode Capital Management LLC increased its stake in shares of Netflix by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 9,323,952 shares of the Internet television network's stock worth $8,287,823,000 after purchasing an additional 175,596 shares in the last quarter. GAMMA Investing LLC raised its holdings in Netflix by 109,524.3% in the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock worth $8,239,576,000 after purchasing an additional 8,827,662 shares during the period. Finally, Norges Bank bought a new position in Netflix in the 4th quarter worth $5,019,087,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Netflix

In related news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $921.72, for a total value of $2,397,393.72. Following the completion of the transaction, the chief financial officer now owns 3,691 shares in the company, valued at approximately $3,402,068.52. This trade represents a 41.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann Mather sold 1,090 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $1,250.00, for a total value of $1,362,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 153,390 shares of company stock valued at $170,509,439 over the last 90 days. 1.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NFLX has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Netflix from $1,210.00 to $1,222.00 and gave the company an "overweight" rating in a report on Monday, April 21st. Wolfe Research set a $1,340.00 price objective on Netflix and gave the company an "outperform" rating in a research report on Friday, May 16th. Oppenheimer reiterated an "outperform" rating and set a $1,200.00 price objective (up from $1,150.00) on shares of Netflix in a research note on Friday, April 18th. BMO Capital Markets reissued an "outperform" rating and issued a $1,200.00 target price (up from $1,175.00) on shares of Netflix in a report on Friday, April 18th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $1,126.00 price target on shares of Netflix in a report on Thursday, April 17th. Eleven analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,149.91.

Netflix Price Performance

NASDAQ NFLX traded down $9.05 during trading on Friday, hitting $1,241.47. 2,554,452 shares of the stock traded hands, compared to its average volume of 3,750,029. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.56. Netflix, Inc. has a 12-month low of $587.04 and a 12-month high of $1,262.81. The firm has a 50-day simple moving average of $1,081.54 and a 200-day simple moving average of $985.25. The company has a market capitalization of $528.33 billion, a P/E ratio of 62.61, a price-to-earnings-growth ratio of 2.12 and a beta of 1.59.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, beating analysts' consensus estimates of $5.74 by $0.87. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The firm had revenue of $10.54 billion during the quarter, compared to the consensus estimate of $10.51 billion. During the same period in the prior year, the company earned $8.28 EPS. As a group, analysts predict that Netflix, Inc. will post 24.58 EPS for the current year.

Netflix 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.