Netflix, Inc. (NASDAQ:NFLX) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Netflix by 33.8%, now owning 140,195 shares valued at approximately $130.7 million.
• Netflix's recent earnings report showed a 15.9% year-over-year revenue increase to $11.08 billion, with earnings per share of $7.19, exceeding estimates.
• Current analyst consensus for Netflix stock is a Moderate Buy, with a target price increase to $1,297.66, reflecting a mix of ratings from analysts.

Bank of Nova Scotia reduced its position in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 33.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 140,195 shares of the Internet television network's stock after selling 71,564 shares during the quarter. Bank of Nova Scotia's holdings in Netflix were worth $130,735,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of NFLX. FMR LLC increased its stake in shares of Netflix by 1.8% during the fourth quarter. FMR LLC now owns 20,887,090 shares of the Internet television network's stock worth $18,617,081,000 after acquiring an additional 375,234 shares during the period. GAMMA Investing LLC lifted its position in Netflix by 109,524.3% in the first quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock valued at $8,239,576,000 after purchasing an additional 8,827,662 shares during the period. Northern Trust Corp boosted its holdings in 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 purchasing an additional 570,674 shares in the last quarter. Invesco Ltd. increased its position in Netflix by 2.9% during the 4th quarter. Invesco Ltd. now owns 4,308,201 shares of the Internet television network's stock worth $3,839,986,000 after purchasing an additional 119,787 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Netflix by 42.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,387,159 shares of the Internet television network's stock worth $1,293,567,000 after buying an additional 410,235 shares in the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Netflix Trading Down 0.1%

Shares of NASDAQ NFLX opened at $1,158.60 on Friday. The business has a 50 day simple moving average of $1,234.32 and a 200 day simple moving average of $1,082.35. Netflix, Inc. has a 52 week low of $587.04 and a 52 week high of $1,341.15. The stock has a market cap of $492.32 billion, a price-to-earnings ratio of 49.37, a PEG ratio of 1.95 and a beta of 1.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on NFLX shares. Seaport Res Ptn downgraded Netflix from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 6th. Loop Capital restated a "hold" rating on shares of Netflix in a research report on Tuesday, July 15th. Barclays reaffirmed a "sell" rating and set a $1,100.00 price target (up from $1,000.00) on shares of Netflix in a research note on Wednesday, July 9th. Canaccord Genuity Group reiterated a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. Finally, Pivotal Research restated a "buy" rating on shares of Netflix in a research report on Thursday, July 10th. Three analysts have rated the stock with a sell rating, ten have given 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,297.66.

Insider Buying and Selling at Netflix

In other news, Director Reed Hastings sold 26,933 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,211.66, for a total value of $32,633,638.78. Following the sale, the director owned 394 shares in the company, valued at approximately $477,394.04. This trade represents a 98.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jay C. Hoag sold 31,750 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total transaction of $39,762,112.50. Following the transaction, the director directly owned 63,040 shares in the company, valued at $78,948,144. This trade represents a 33.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 123,830 shares of company stock worth $153,102,930 in the last ninety days. 1.37% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding NFLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Netflix, Inc. (NASDAQ:NFLX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.