PNC Financial Services Group Inc. Sells 346 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• PNC Financial Services Group Inc. has reduced its holdings in Netflix, Inc. by 0.2%, now owning 148,990 shares worth approximately $138.9 million after selling 346 shares.
• Institutional investors currently own 80.93% of Netflix's stock, with several firms like Brighton Jones LLC and Revolve Wealth Partners LLC increasing their stakes in the company during the past quarters.
• Analysts have mixed ratings on Netflix, with a consensus average rating of "Moderate Buy" and an average target price of $1,297.66, reflecting varying investor sentiment amidst recent earnings performance.

PNC Financial Services Group Inc. reduced its holdings in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 0.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 148,990 shares of the Internet television network's stock after selling 346 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Netflix were worth $138,937,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Netflix by 5.0% during the 4th quarter. Brighton Jones LLC now owns 5,390 shares of the Internet television network's stock valued at $4,804,000 after purchasing an additional 257 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Netflix by 16.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock valued at $912,000 after buying an additional 144 shares during the period. BIP Wealth LLC lifted its stake in Netflix by 23.8% in the fourth quarter. BIP Wealth LLC now owns 453 shares of the Internet television network's stock valued at $403,000 after buying an additional 87 shares during the period. OLD Mission Capital LLC bought a new position in shares of Netflix during the 4th quarter worth approximately $361,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in shares of Netflix during the 4th quarter worth approximately $110,197,000. Institutional investors own 80.93% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. 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. Rosenblatt Securities upped their price objective on shares of Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a report on Friday, July 18th. Barclays restated a "sell" rating and issued a $1,100.00 target price (up from $1,000.00) on shares of Netflix in a research note on Wednesday, July 9th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. Finally, TD Cowen increased their price target on Netflix from $1,440.00 to $1,450.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $1,297.66.

Netflix Trading Down 0.1%

Shares of NFLX stock opened at $1,158.60 on Friday. The business has a 50-day moving average price of $1,234.32 and a two-hundred day moving average price of $1,083.98. Netflix, Inc. has a 12-month low of $587.04 and a 12-month high of $1,341.15. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. The firm has a market cap of $492.32 billion, a P/E ratio of 49.37, a price-to-earnings-growth ratio of 1.95 and a beta of 1.59.

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 for the quarter, beating analysts' consensus estimates of $7.07 by $0.12. The company had revenue of $11.08 billion for the quarter, compared to analysts' expectations of $11.04 billion. Netflix had a return on equity of 42.50% and a net margin of 24.58%. Netflix's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $4.88 EPS. Equities analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

Insider Activity

In related news, Director Bradford L. Smith sold 3,919 shares of Netflix stock in a transaction on Monday, May 12th. The shares were sold at an average price of $1,124.26, for a total value of $4,405,974.94. Following the transaction, the director owned 7,969 shares in the company, valued at $8,959,227.94. This trade represents a 32.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jay C. Hoag sold 31,750 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total transaction of $39,762,112.50. Following the completion of the sale, the director directly owned 63,040 shares of the company's stock, valued at $78,948,144. This represents a 33.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 123,830 shares of company stock valued at $153,102,930. 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.

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