NewEdge Wealth LLC Trims Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• NewEdge Wealth LLC has reduced its stake in Netflix by 3.6%, now holding 16,816 shares valued at approximately $15.68 million.
• Several institutional investors, including FMR LLC and Massachusetts Financial Services Co., have significantly increased their stakes in Netflix, with investments showing growth rates of up to 109,524.3%.
• Netflix reported a 24.58% net margin and exceeded earnings expectations with $7.19 EPS for its latest quarter, showcasing a revenue increase of 15.9% year-over-year.

NewEdge Wealth LLC cut its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 3.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,816 shares of the Internet television network's stock after selling 622 shares during the period. NewEdge Wealth LLC's holdings in Netflix were worth $15,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC increased its stake in Netflix by 1.8% in the fourth quarter. FMR LLC now owns 20,887,090 shares of the Internet television network's stock valued at $18,617,081,000 after purchasing an additional 375,234 shares during the period. GAMMA Investing LLC increased its stake in Netflix by 109,524.3% in the first quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock valued at $8,239,576,000 after purchasing an additional 8,827,662 shares during the period. Northern Trust Corp increased its stake in Netflix by 14.3% in the fourth quarter. Northern Trust Corp now owns 4,574,006 shares of the Internet television network's stock valued at $4,076,903,000 after purchasing an additional 570,674 shares during the period. Invesco Ltd. increased its stake in Netflix by 2.9% in the fourth quarter. Invesco Ltd. now owns 4,308,201 shares of the Internet television network's stock valued at $3,839,986,000 after purchasing an additional 119,787 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in Netflix by 42.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,387,159 shares of the Internet television network's stock valued at $1,293,567,000 after purchasing an additional 410,235 shares during the period. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Stock Performance

Shares of NFLX opened at $1,158.60 on Friday. 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 company has a market capitalization of $492.32 billion, a price-to-earnings ratio of 49.37, a PEG ratio of 1.95 and a beta of 1.59. The company's 50 day simple moving average is $1,234.32 and its 200 day simple moving average is $1,083.98. Netflix, Inc. has a 1 year low of $587.04 and a 1 year high of $1,341.15.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.07 by $0.12. The business had revenue of $11.08 billion for the quarter, compared to the consensus estimate of $11.04 billion. Netflix had a net margin of 24.58% and a return on equity of 42.50%. The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.88 earnings per share. On average, sell-side analysts predict that Netflix, Inc. will post 24.58 EPS for the current year.

Analyst Ratings Changes

A number of research firms have commented on NFLX. Pivotal Research restated a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. UBS Group reiterated a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Wells Fargo & Company boosted their price target 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. Rosenblatt Securities boosted their price target on shares of Netflix from $1,514.00 to $1,515.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded shares of Netflix from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Netflix currently has a consensus rating of "Moderate Buy" and an average price target of $1,297.66.

Insider Buying and Selling at Netflix

In related news, CFO Spencer Adam Neumann sold 2,601 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $1,211.67, for a total transaction of $3,151,553.67. Following the transaction, the chief financial officer owned 3,691 shares of the company's stock, valued at approximately $4,472,273.97. This represents a 41.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Reed Hastings sold 26,933 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,211.66, for a total transaction of $32,633,638.78. Following the transaction, the director directly owned 394 shares in the company, valued at approximately $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 have sold 123,830 shares of company stock valued at $153,102,930. 1.37% of the stock is owned by corporate 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.

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