Coastwise Capital Group LLC Cuts Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Coastwise Capital Group LLC reduced its holdings in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 49.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 922 shares of the Internet television network's stock after selling 903 shares during the quarter. Coastwise Capital Group LLC's holdings in Netflix were worth $860,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Fullcircle Wealth LLC raised its holdings in Netflix by 2.5% during the 1st quarter. Fullcircle Wealth LLC now owns 369 shares of the Internet television network's stock valued at $344,000 after acquiring an additional 9 shares during the period. Bedell Frazier Investment Counselling LLC raised its holdings in Netflix by 2.2% during the 4th quarter. Bedell Frazier Investment Counselling LLC now owns 462 shares of the Internet television network's stock valued at $412,000 after acquiring an additional 10 shares during the period. Mission Creek Capital Partners Inc. raised its holdings in Netflix by 0.3% during the 4th quarter. Mission Creek Capital Partners Inc. now owns 3,826 shares of the Internet television network's stock valued at $3,410,000 after acquiring an additional 10 shares during the period. Continuum Wealth Advisors LLC raised its holdings in Netflix by 4.4% during the 1st quarter. Continuum Wealth Advisors LLC now owns 235 shares of the Internet television network's stock valued at $219,000 after acquiring an additional 10 shares during the period. Finally, Financial Enhancement Group LLC raised its holdings in Netflix by 2.5% during the 1st quarter. Financial Enhancement Group LLC now owns 412 shares of the Internet television network's stock valued at $384,000 after acquiring an additional 10 shares during the period. 80.93% of the stock is currently owned by institutional investors.

Insider Activity at Netflix

In related news, CFO Spencer Adam Neumann sold 2,601 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $1,132.38, for a total value of $2,945,320.38. Following the completion of the transaction, the chief financial officer directly owned 3,691 shares of the company's stock, valued at $4,179,614.58. This represents a 41.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jay C. Hoag sold 32,515 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $1,101.97, for a total transaction of $35,830,554.55. Following the completion of the transaction, the director directly owned 79,040 shares of the company's stock, valued at approximately $87,099,708.80. The trade was a 29.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 186,723 shares of company stock valued at $223,307,201 in the last three months. Corporate insiders own 1.37% of the company's stock.

Analysts Set New Price Targets

NFLX has been the subject of a number of recent analyst reports. Loop Capital restated a "hold" rating on shares of Netflix in a research report on Tuesday, July 15th. Moffett Nathanson restated a "buy" rating and set a $1,150.00 price target (up from $1,100.00) on shares of Netflix in a research report on Friday, April 18th. BMO Capital Markets restated an "outperform" rating and set a $1,425.00 price target (up from $1,200.00) on shares of Netflix in a research report on Tuesday, July 15th. Evercore ISI restated an "outperform" rating on shares of Netflix in a research report on Thursday, May 15th. Finally, KeyCorp boosted their price target on shares of Netflix from $1,070.00 to $1,390.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Netflix currently has an average rating of "Moderate Buy" and an average price target of $1,291.41.

Netflix Trading Down 5.1%

Shares of NASDAQ:NFLX traded down $64.93 during midday trading on Friday, hitting $1,209.24. 10,678,762 shares of the stock traded hands, compared to its average volume of 3,762,863. The stock has a market capitalization of $514.62 billion, a PE ratio of 51.52, a P/E/G ratio of 2.15 and a beta of 1.59. The business's 50 day moving average is $1,232.59 and its two-hundred day moving average is $1,061.94. The company has a quick ratio of 1.20, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. Netflix, Inc. has a one year low of $587.04 and a one year high of $1,341.15.

Netflix (NASDAQ:NFLX - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 EPS for the quarter, beating the consensus estimate of $7.07 by $0.12. The firm had revenue of $11.08 billion during 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 company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.88 earnings per share. As a group, research analysts forecast that Netflix, Inc. will post 24.58 earnings per share 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.