M&T Bank Corp Lowers Stake in Netflix, Inc. (NASDAQ:NFLX)

M&T Bank Corp trimmed its position in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 0.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,901 shares of the Internet television network's stock after selling 353 shares during the quarter. M&T Bank Corp's holdings in Netflix were worth $39,074,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Halbert Hargrove Global Advisors LLC boosted its holdings in shares of Netflix by 100.0% in the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock valued at $25,000 after buying an additional 13 shares in the last quarter. Brown Shipley& Co Ltd purchased a new stake in Netflix in the fourth quarter valued at $27,000. Transce3nd LLC purchased a new stake in Netflix in the fourth quarter valued at $32,000. Copia Wealth Management acquired a new position in Netflix in the fourth quarter valued at $37,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Netflix during the first quarter worth about $42,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Price Performance

Shares of NASDAQ NFLX traded down $14.31 during midday trading on Tuesday, hitting $1,275.31. The company had a trading volume of 3,281,114 shares, compared to its average volume of 3,758,236. The company has a quick ratio of 1.20, a current ratio of 1.20 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 business has a 50-day simple moving average of $1,211.46 and a two-hundred day simple moving average of $1,041.22. The firm has a market capitalization of $542.73 billion, a price-to-earnings ratio of 60.27, a price-to-earnings-growth ratio of 2.35 and a beta of 1.59.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, beating the consensus estimate of $5.74 by $0.87. Netflix had a net margin of 23.07% and a return on equity of 39.61%. The firm had revenue of $10.54 billion during the quarter, compared to analysts' expectations of $10.51 billion. During the same quarter last year, the business earned $8.28 earnings per share. Equities research analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NFLX. Moffett Nathanson reissued a "buy" rating and issued a $1,150.00 target price (up from $1,100.00) on shares of Netflix in a report on Friday, April 18th. Robert W. Baird boosted their price objective on Netflix from $1,200.00 to $1,300.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Morgan Stanley raised their target price on shares of Netflix from $1,150.00 to $1,200.00 and gave the stock an "overweight" rating in a research report on Monday, April 21st. Bank of America upped their price target on shares of Netflix from $1,175.00 to $1,490.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group upped their price target on shares of Netflix from $1,200.00 to $1,400.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,182.58.

Insider Transactions at Netflix

In related news, Director Reed Hastings sold 16,840 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $1,295.78, for a total value of $21,820,935.20. Following the sale, the director directly owned 10,067 shares of the company's stock, valued at approximately $13,044,617.26. This represents a 62.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the transaction, the chief financial officer owned 3,691 shares of the company's stock, valued at $4,824,949.02. This represents a 41.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,723 shares of company stock valued at $223,307,201. 1.37% of the stock is owned by company 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.