M&T Bank Corp Reduces Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

M&T Bank Corp reduced its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 0.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 41,901 shares of the Internet television network's stock after selling 353 shares during the period. M&T Bank Corp's holdings in Netflix were worth $39,074,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in NFLX. Janus Henderson Group PLC raised its stake in shares of Netflix by 8.7% during the fourth quarter. Janus Henderson Group PLC now owns 1,377,081 shares of the Internet television network's stock valued at $1,227,468,000 after acquiring an additional 110,432 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of Netflix during the fourth quarter valued at approximately $873,000. New England Research & Management Inc. increased its stake in shares of Netflix by 148.5% during the first quarter. New England Research & Management Inc. now owns 2,122 shares of the Internet television network's stock valued at $1,979,000 after purchasing an additional 1,268 shares in the last quarter. First National Trust Co increased its stake in shares of Netflix by 1.0% during the fourth quarter. First National Trust Co now owns 1,258 shares of the Internet television network's stock valued at $1,121,000 after purchasing an additional 12 shares in the last quarter. Finally, Xcel Wealth Management LLC grew its holdings in shares of Netflix by 15.2% during the first quarter. Xcel Wealth Management LLC now owns 492 shares of the Internet television network's stock valued at $459,000 after buying an additional 65 shares during the last quarter. 80.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NFLX shares. Phillip Securities upgraded shares of Netflix from a "moderate sell" rating to a "hold" rating in a report on Monday, April 21st. Needham & Company LLC reiterated a "buy" rating and issued a $1,126.00 price target on shares of Netflix in a research report on Thursday, April 17th. Evercore ISI restated an "outperform" rating on shares of Netflix in a research report on Thursday, May 15th. Pivotal Research raised their price objective on shares of Netflix from $1,350.00 to $1,600.00 and gave the company a "buy" rating in a research report on Friday, June 20th. Finally, Canaccord Genuity Group lifted their price target on shares of Netflix from $1,380.00 to $1,525.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,185.61.

Netflix Trading Up 1.0%

Netflix stock traded up $12.97 during trading hours on Wednesday, hitting $1,288.28. The company had a trading volume of 2,380,931 shares, compared to its average volume of 3,764,707. Netflix, Inc. has a 1 year low of $587.04 and a 1 year high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $548.25 billion, a P/E ratio of 60.88, a P/E/G ratio of 2.32 and a beta of 1.59. The company has a 50-day moving average price of $1,214.45 and a two-hundred day moving average price of $1,042.85.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $10.54 billion during the quarter, compared to analyst estimates of $10.51 billion. Netflix had a net margin of 23.07% and a return on equity of 39.61%. During the same quarter in the previous year, the business posted $8.28 EPS. On average, sell-side analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insider Activity

In related news, Director Reed Hastings sold 26,977 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $1,133.05, for a total transaction of $30,566,289.85. Following the completion of the transaction, the director owned 394 shares in the company, valued at $446,421.70. The trade was a 98.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Spencer Adam Neumann sold 2,601 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $1,132.38, for a total transaction of $2,945,320.38. Following the sale, the chief financial officer directly owned 3,691 shares in the company, valued at approximately $4,179,614.58. This represents a 41.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 186,723 shares of company stock worth $223,307,201. Insiders own 1.37% of the company's stock.

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.