Netflix, Inc. (NASDAQ:NFLX) Shares Purchased by SouthState Corp

Key Points

• SouthState Corp increased its holdings in Netflix by 450%, acquiring 1,053 additional shares, bringing its total ownership to $1.2 million.
• Various institutional investors, including Vanguard Group and Goldman Sachs, have significantly increased their stakes in Netflix, indicating strong interest from large investors.
• Netflix reported a 15.9% year-over-year revenue increase for the quarter with earnings per share of $7.19, surpassing estimates and reflecting robust financial performance.

SouthState Corp lifted its holdings in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 450.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,287 shares of the Internet television network's stock after purchasing an additional 1,053 shares during the period. SouthState Corp's holdings in Netflix were worth $1,200,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Netflix by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 37,997,260 shares of the Internet television network's stock valued at $35,433,585,000 after buying an additional 509,255 shares during the period. GAMMA Investing LLC boosted its stake in shares of 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 valued at $8,239,576,000 after buying an additional 8,827,662 shares during the period. Invesco Ltd. boosted its stake in shares of Netflix by 8.3% in the 1st quarter. Invesco Ltd. now owns 4,664,818 shares of the Internet television network's stock valued at $4,350,083,000 after buying an additional 356,617 shares during the period. Northern Trust Corp boosted its stake in shares of Netflix by 14.3% in the 4th quarter. Northern Trust Corp now owns 4,574,006 shares of the Internet television network's stock valued at $4,076,903,000 after buying an additional 570,674 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Netflix by 57.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,393,064 shares of the Internet television network's stock valued at $3,164,134,000 after buying an additional 1,236,251 shares during the period. Institutional investors and hedge funds own 80.93% of the company's stock.

Netflix Trading Up 2.6%

NASDAQ:NFLX opened at $1,211.64 on Monday. The firm has a market cap of $514.86 billion, a P/E ratio of 51.63, a PEG ratio of 2.04 and a beta of 1.59. 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 stock's 50 day simple moving average is $1,232.25 and its 200-day simple moving average is $1,095.21. Netflix, Inc. has a 12-month low of $622.99 and a 12-month high of $1,341.15.

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

Insider Transactions at Netflix

In related news, CFO Spencer Adam Neumann sold 685 shares of Netflix stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $1,161.21, for a total value of $795,428.85. Following the sale, the chief financial officer directly owned 3,691 shares in the company, valued at $4,286,026.11. The trade was a 15.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory K. Peters sold 2,026 shares of Netflix stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $1,157.44, for a total value of $2,344,973.44. Following the completion of the sale, the chief executive officer owned 12,781 shares in the company, valued at approximately $14,793,240.64. This trade represents a 13.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,307 shares of company stock valued at $179,443,809. 1.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Oppenheimer raised their target price on Netflix from $1,200.00 to $1,425.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Canaccord Genuity Group reissued a "buy" rating on shares of Netflix in a research report on Thursday, July 10th. Evercore ISI reissued an "outperform" rating on shares of Netflix in a research report on Thursday, May 15th. BMO Capital Markets reissued an "outperform" rating and set a $1,425.00 target price (up previously from $1,200.00) on shares of Netflix in a research report on Tuesday, July 15th. Finally, Moffett Nathanson reissued a "buy" rating and set a $1,150.00 target price (up previously from $1,100.00) on shares of Netflix in a research report on Friday, April 18th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have issued a buy rating and one has issued 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 price target 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.

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