Truist Financial Corp Sells 68,060 Shares of Netflix, Inc. (NASDAQ:NFLX)

Truist Financial Corp decreased its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 25.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 194,640 shares of the Internet television network's stock after selling 68,060 shares during the period. Truist Financial Corp's holdings in Netflix were worth $181,508,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Netflix by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 37,488,005 shares of the Internet television network's stock worth $33,413,809,000 after acquiring an additional 171,712 shares in the last quarter. FMR LLC grew its stake in shares of Netflix by 1.8% during the 4th 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of Netflix by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 9,323,952 shares of the Internet television network's stock worth $8,287,823,000 after acquiring an additional 175,596 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Netflix by 109,524.3% during the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock worth $8,239,576,000 after acquiring an additional 8,827,662 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Netflix during the 4th quarter worth approximately $5,019,087,000. Institutional investors own 80.93% of the company's stock.

Analysts Set New Price Targets

NFLX has been the subject of several analyst reports. Needham & Company LLC restated a "buy" rating and issued a $1,126.00 price objective on shares of Netflix in a report on Thursday, April 17th. Benchmark restated a "hold" rating on shares of Netflix in a research note on Monday, April 21st. Evercore ISI reiterated an "outperform" rating on shares of Netflix in a research note on Thursday, May 15th. Wolfe Research set a $1,340.00 price objective on Netflix and gave the company an "outperform" rating in a report on Friday, May 16th. Finally, 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 research note on Friday, April 18th. Eleven analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,182.58.

Netflix Price Performance

Shares of NASDAQ:NFLX traded up $10.38 during trading on Friday, reaching $1,295.24. 2,006,224 shares of the company traded hands, compared to its average volume of 3,766,089. 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 52 week low of $587.04 and a 52 week high of $1,341.15. The firm has a market capitalization of $551.21 billion, a PE ratio of 61.21, a PEG ratio of 2.35 and a beta of 1.59. The company's 50 day moving average is $1,207.87 and its two-hundred day moving average is $1,036.59.

Netflix (NASDAQ:NFLX - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, topping analysts' consensus estimates of $5.74 by $0.87. Netflix had a return on equity of 39.61% and a net margin of 23.07%. The company had revenue of $10.54 billion for the quarter, compared to analysts' expectations of $10.51 billion. During the same quarter last year, the business earned $8.28 earnings per share. As a group, sell-side analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insider Buying and Selling

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $1,132.38, for a total value of $2,945,320.38. Following the transaction, the chief financial officer owned 3,691 shares in the company, valued at $4,179,614.58. The trade was a 41.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Reed Hastings sold 26,977 shares of the firm'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 sale, the director owned 394 shares in the company, valued at approximately $446,421.70. The trade was a 98.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,723 shares of company stock worth $223,307,201 over the last three months. Company insiders own 1.37% of the company's stock.

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.