EFG Asset Management Americas Corp. Sells 836 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• EFG Asset Management Americas Corp. has reduced its stake in Netflix by 9.4% during the first quarter, owning 8,055 shares worth approximately $7.5 million now, representing 1.5% of their investment portfolio.
• Netflix's share price recently opened at $1,184.20, with an average target price from analysts of $1,297.66, reflecting a generally positive outlook with multiple buy ratings.
• Recent insider trading includes significant sales by directors, with over 123,000 shares sold in the last three months, indicating a 98.56% decrease in the position held by Director Reed Hastings.

EFG Asset Management Americas Corp. trimmed its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,055 shares of the Internet television network's stock after selling 836 shares during the period. Netflix comprises 1.5% of EFG Asset Management Americas Corp.'s investment portfolio, making the stock its 16th largest position. EFG Asset Management Americas Corp.'s holdings in Netflix were worth $7,512,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NFLX. Fullcircle Wealth LLC lifted its position in Netflix by 2.5% in the first quarter. Fullcircle Wealth LLC now owns 369 shares of the Internet television network's stock valued at $344,000 after purchasing an additional 9 shares during the last quarter. 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 buying an additional 10 shares during the last quarter. Continuum Wealth Advisors LLC boosted its position 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 buying an additional 10 shares during the period. Financial Enhancement Group LLC grew its holdings in Netflix by 2.5% in the 1st quarter. Financial Enhancement Group LLC now owns 412 shares of the Internet television network's stock worth $384,000 after acquiring an additional 10 shares during the last quarter. Finally, Saxony Capital Management LLC increased its position in shares of Netflix by 1.4% in the first quarter. Saxony Capital Management LLC now owns 707 shares of the Internet television network's stock valued at $659,000 after acquiring an additional 10 shares during the period. Institutional investors own 80.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NFLX. Barclays reissued a "sell" rating and issued a $1,100.00 target price (up from $1,000.00) on shares of Netflix in a research note on Wednesday, July 9th. Phillip Securities lowered Netflix from a "hold" rating to a "strong sell" rating in a research report on Monday, July 21st. Rosenblatt Securities boosted their target price on Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Wells Fargo & Company raised their price target on Netflix from $1,500.00 to $1,560.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Finally, UBS Group reiterated a "market underperform" rating on shares of Netflix in a report on Saturday, July 19th. Three research analysts have rated the stock with a sell rating, ten have assigned 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.com, Netflix presently has a consensus rating of "Moderate Buy" and an average target price of $1,297.66.

Insiders Place Their Bets

In related news, CEO Gregory K. Peters sold 2,027 shares of Netflix stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $1,141.51, for a total transaction of $2,313,840.77. Following the transaction, the chief executive officer directly owned 12,781 shares in the company, valued at approximately $14,589,639.31. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Reed Hastings sold 26,933 shares of the business's stock in a transaction dated 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 directly owned 394 shares of the company's stock, valued at $477,394.04. This represents a 98.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 123,830 shares of company stock valued at $153,102,930. 1.37% of the stock is currently owned by corporate insiders.

Netflix Stock Performance

Shares of NASDAQ NFLX traded up $18.66 during midday trading on Friday, hitting $1,178.06. 929,458 shares of the stock traded hands, compared to its average volume of 4,248,271. The firm has a market capitalization of $500.59 billion, a P/E ratio of 50.14, a PEG ratio of 1.99 and a beta of 1.59. Netflix, Inc. has a one year low of $587.04 and a one year high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50-day moving average of $1,234.85 and a two-hundred day moving average of $1,080.08.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $11.04 billion. During the same period last year, the firm posted $4.88 earnings per share. The business's revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts forecast that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

About Netflix

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.