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

Riverbend Wealth Management LLC cut its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,218 shares of the Internet television network's stock after selling 201 shares during the period. Netflix comprises approximately 1.0% of Riverbend Wealth Management LLC's portfolio, making the stock its 26th largest position. Riverbend Wealth Management LLC's holdings in Netflix were worth $1,136,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Halbert Hargrove Global Advisors LLC increased its stake in Netflix by 100.0% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock valued at $25,000 after purchasing an additional 13 shares during the period. Brown Shipley& Co Ltd acquired a new position in Netflix in the fourth quarter valued at $27,000. Transce3nd LLC acquired a new position in Netflix in the fourth quarter valued at $32,000. Copia Wealth Management acquired a new position in Netflix in the fourth quarter valued at $37,000. Finally, Stuart Chaussee & Associates Inc. increased its stake in Netflix by 4,500.0% in the fourth quarter. Stuart Chaussee & Associates Inc. now owns 46 shares of the Internet television network's stock valued at $41,000 after purchasing an additional 45 shares during the period. 80.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NFLX has been the topic of a number of recent research reports. Needham & Company LLC restated a "buy" rating and issued a $1,126.00 price objective on shares of Netflix in a research note on Thursday, April 17th. Pivotal Research lifted 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 note on Friday, June 20th. Jefferies Financial Group lifted their price objective on shares of Netflix from $1,200.00 to $1,400.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Wedbush restated an "outperform" rating and issued a $1,200.00 price objective on shares of Netflix in a research note on Monday, May 5th. Finally, Morgan Stanley boosted their price target on shares of Netflix from $1,150.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Monday, April 21st. Eleven investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Netflix currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,172.73.

Insider Activity at Netflix

In other Netflix news, Director Ann Mather sold 1,358 shares of Netflix stock in a transaction on Friday, May 9th. The shares were sold at an average price of $1,150.00, for a total value of $1,561,700.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jeffrey William Karbowski sold 160 shares of Netflix stock in a transaction on Monday, April 21st. The shares were sold at an average price of $1,000.00, for a total transaction of $160,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,660 shares of company stock valued at $209,802,025. Company insiders own 1.37% of the company's stock.

Netflix Stock Up 2.0%

Shares of NASDAQ NFLX opened at $1,279.11 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market capitalization of $544.35 billion, a PE ratio of 60.45, a price-to-earnings-growth ratio of 2.43 and a beta of 1.59. The firm's 50-day moving average is $1,163.30 and its two-hundred day moving average is $1,016.26. Netflix, Inc. has a 12-month low of $587.04 and a 12-month high of $1,282.57.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.74 by $0.87. The business had revenue of $10.54 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $8.28 earnings per share. Equities analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

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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