Eastern Bank Raises Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Eastern Bank has significantly increased its stake in Netflix by 162.4% in the first quarter, now holding 51,557 shares valued at approximately $48 million.
• Several hedge funds have also boosted their positions in Netflix, with FMR LLC and Geode Capital Management raising their holdings, amounting to substantial increases during recent quarters.
• Netflix reported $7.19 earnings per share for the last quarter, exceeding analyst estimates and reflecting a 15.9% year-over-year revenue growth, highlighting strong financial performance.

Eastern Bank lifted its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 162.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,557 shares of the Internet television network's stock after acquiring an additional 31,908 shares during the quarter. Eastern Bank's holdings in Netflix were worth $48,078,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in 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 acquiring an additional 257 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in Netflix by 16.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock worth $912,000 after buying an additional 144 shares in the last quarter. BIP Wealth LLC boosted its stake in Netflix by 23.8% during the fourth quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock worth $403,000 after buying an additional 87 shares during the last quarter. Cannell & Spears LLC acquired a new stake in shares of Netflix in the 4th quarter worth $201,000. Finally, Nemes Rush Group LLC raised its holdings in shares of Netflix by 4.0% during the 4th quarter. Nemes Rush Group LLC now owns 4,837 shares of the Internet television network's stock worth $4,311,000 after acquiring an additional 188 shares during the period. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Netflix Stock Up 1.3%

NASDAQ:NFLX traded up $15.46 during mid-day trading on Wednesday, hitting $1,184.20. The stock had a trading volume of 2,908,020 shares, compared to its average volume of 3,752,075. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58. Netflix, Inc. has a twelve month low of $587.04 and a twelve month high of $1,341.15. The company has a market capitalization of $503.20 billion, a PE ratio of 50.46, a PEG ratio of 1.97 and a beta of 1.59. The stock has a 50-day simple moving average of $1,235.42 and a two-hundred day simple moving average of $1,077.88.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, beating analysts' consensus estimates of $7.07 by $0.12. The business 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 revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $4.88 EPS. On average, equities research analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Spencer Adam Neumann sold 2,601 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $1,211.67, for a total transaction of $3,151,553.67. Following the sale, the chief financial officer owned 3,691 shares of the company's stock, valued at approximately $4,472,273.97. This trade represents a 41.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bradford L. Smith sold 3,919 shares of the company'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 value of $4,405,974.94. Following the completion of the transaction, the director directly owned 7,969 shares of the company's stock, valued at $8,959,227.94. This trade represents a 32.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 153,408 shares of company stock valued at $186,614,540. 1.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and issued a $1,500.00 price target on shares of Netflix in a research note on Friday, July 18th. Sanford C. Bernstein increased their price objective on Netflix from $1,200.00 to $1,390.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Moffett Nathanson restated a "buy" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of Netflix in a research report on Friday, April 18th. Guggenheim reaffirmed a "buy" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of Netflix in a research note on Friday, April 18th. Finally, Bank of America raised their price objective 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. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,297.66.

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.