Netflix, Inc. $NFLX Shares Sold by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC has reduced its stake in Netflix, Inc. by 1.9%, owning approximately 48,797 shares valued at $65.3 million, making it the firm's 15th largest position.
• Netflix reported quarterly earnings of $7.19 EPS, surpassing expectations, with revenue of $11.08 billion, reflecting a 15.9% year-over-year increase.
• Insider transactions included Reed Hastings, a director, selling 42,176 shares for about $49.4 million, significantly decreasing his ownership by over 99%.

Mutual of America Capital Management LLC lowered its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,797 shares of the Internet television network's stock after selling 938 shares during the period. Netflix accounts for approximately 0.7% of Mutual of America Capital Management LLC's portfolio, making the stock its 15th largest position. Mutual of America Capital Management LLC's holdings in Netflix were worth $65,346,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NFLX. Stephens Consulting LLC boosted its stake in Netflix by 150.0% in the second quarter. Stephens Consulting LLC now owns 25 shares of the Internet television network's stock valued at $33,000 after acquiring an additional 15 shares in the last quarter. Flaharty Asset Management LLC acquired a new position in Netflix in the first quarter valued at $37,000. Maseco LLP acquired a new position in Netflix in the second quarter valued at $39,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Netflix in the first quarter valued at $42,000. Finally, 1248 Management LLC acquired a new position in Netflix in the first quarter valued at $43,000. Institutional investors and hedge funds own 80.93% of the company's stock.

Netflix Trading Up 1.3%

NASDAQ NFLX opened at $1,199.36 on Friday. The stock has a market capitalization of $509.64 billion, a P/E ratio of 51.10, a P/E/G ratio of 2.02 and a beta of 1.59. Netflix, Inc. has a 52-week low of $736.23 and a 52-week high of $1,341.15. The firm has a 50-day moving average price of $1,213.47 and a 200 day moving average price of $1,177.58. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its quarterly 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. The firm had revenue of $11.08 billion during the quarter, compared to analysts' expectations of $11.04 billion. Netflix had a net margin of 24.58% and a return on equity of 42.50%. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.88 earnings per share. Equities research analysts expect that Netflix, Inc. will post 24.58 EPS for the current year.

Insider Activity

In related news, Director Reed Hastings sold 42,176 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $1,171.92, for a total transaction of $49,426,897.92. Following the completion of the transaction, the director directly owned 394 shares of the company's stock, valued at $461,736.48. This represents a 99.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider David A. Hyman sold 424 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $1,158.67, for a total transaction of $491,276.08. Following the transaction, the insider directly owned 31,610 shares of the company's stock, valued at $36,625,558.70. This represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,100 shares of company stock valued at $122,710,980 over the last ninety days. 1.37% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NFLX. Zacks Research downgraded shares of Netflix from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Netflix in a report on Wednesday, October 8th. Barclays reiterated a "sell" rating and set a $1,100.00 target price (up previously from $1,000.00) on shares of Netflix in a research note on Wednesday, July 9th. Wells Fargo & Company increased their target price on shares of 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, Wedbush reiterated an "outperform" rating on shares of Netflix in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,339.81.

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.

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