State of Michigan Retirement System Boosts Stake in Netflix, Inc. $NFLX

Key Points

• State of Michigan Retirement System boosted its Netflix stake by 838.5% in Q4, adding 1,429,141 shares to hold 1,599,590 shares worth about $149.98 million (0.7% of its portfolio; the fund's 19th-largest position).
• Netflix approved a $25 billion share buyback and drew analyst support, which helped lift the stock, but management's weak Q2 guidance and subscriber churn concerns have left shares volatile despite a Q1 earnings beat (EPS $1.23 vs. $0.76).

State of Michigan Retirement System grew its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 838.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,599,590 shares of the Internet television network's stock after buying an additional 1,429,141 shares during the period. Netflix accounts for 0.7% of State of Michigan Retirement System's investment portfolio, making the stock its 19th biggest position. State of Michigan Retirement System's holdings in Netflix were worth $149,978,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in NFLX. Vanguard Group Inc. grew its stake in Netflix by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 38,521,322 shares of the Internet television network's stock worth $46,183,983,000 after acquiring an additional 142,238 shares during the period. Checchi Capital Advisers LLC lifted its stake in shares of Netflix by 875.7% during the 4th quarter. Checchi Capital Advisers LLC now owns 31,143 shares of the Internet television network's stock worth $2,920,000 after purchasing an additional 27,951 shares during the period. Contravisory Investment Management Inc. boosted its holdings in shares of Netflix by 837.2% during the fourth quarter. Contravisory Investment Management Inc. now owns 111,380 shares of the Internet television network's stock worth $10,443,000 after purchasing an additional 99,496 shares during the last quarter. Crew Capital Management Ltd grew its position in shares of Netflix by 1,021.9% in the fourth quarter. Crew Capital Management Ltd now owns 9,031 shares of the Internet television network's stock valued at $847,000 after purchasing an additional 8,226 shares during the period. Finally, BNC Wealth Management LLC grew its position in shares of Netflix by 991.3% in the fourth quarter. BNC Wealth Management LLC now owns 41,229 shares of the Internet television network's stock valued at $3,866,000 after purchasing an additional 37,451 shares during the period. 80.93% of the stock is owned by institutional investors and hedge funds.

More Netflix News

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Board approved a $25 billion additional share repurchase authorization (no expiration), boosting capital returns and supporting the share price rally. Netflix announces $25 billion share buyback (Reuters)
• Positive Sentiment: Market reaction: the buyback and messaging drove pre-market gains and helped stem the post-earnings selloff. Netflix authorizes fresh $25B buyback (MSN)
• Positive Sentiment: Wall Street support: JPMorgan reaffirmed a Buy on NFLX, and Daiwa raised its price target, both reinforcing investor confidence after the drop. JPMorgan reaffirms Buy (AmericanBankingNews) Daiwa raises price target to $102 (MarketScreener)
• Positive Sentiment: Notable institutional interest — Cathie Wood continued buying shares, signaling conviction from some active growth managers. Cathie Wood keeps buying (Barchart)
• Neutral Sentiment: Industry M&A backdrop: Warner Bros. shareholders approved a large Paramount Skydance acquisition — consolidation could reshape content economics and competitive dynamics, with mixed implications for Netflix (it was the losing bidder). Warner Bros shareholders approve deal (Yahoo Finance)
• Neutral Sentiment: Strategic moves: reports Netflix is in talks to buy Los Angeles studio space — this would be a content-production play that supports long-term content pipeline but is not an immediate earnings driver. Netflix in talks to buy LA studio space (Yahoo Market Chatter)
• Neutral Sentiment: Governance item: Netflix’s board recommended “No” on two shareholder proposals tied to ideological content concerns — likely low short-term financial impact but could matter to activist investors. Board recommends No on proposals (Forbes)
• Negative Sentiment: Guidance and churn risk: management’s weak Q2 guidance after a Q1 beat signaled rising subscriber churn, which sparked the initial selloff and remains the primary near-term headwind for the stock. Buyback-and-chill strategy but guidance weak (The Daily Upside)
• Negative Sentiment: Analyst and market reaction: several pieces discuss the post-earnings selloff and questions about subscriber momentum and valuation — signaling continued volatility until membership trends stabilize. What is next after Q1 guidance selloff (Seeking Alpha)

Netflix Stock Performance

Shares of NASDAQ:NFLX opened at $92.37 on Monday. The business has a 50-day moving average of $93.60 and a two-hundred day moving average of $97.57. The firm has a market capitalization of $388.94 billion, a PE ratio of 29.83, a P/E/G ratio of 1.20 and a beta of 1.67. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.41 and a quick ratio of 1.41. Netflix, Inc. has a 12 month low of $75.01 and a 12 month high of $134.12.

Netflix (NASDAQ:NFLX - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The Internet television network reported $1.23 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.47. Netflix had a return on equity of 40.92% and a net margin of 28.52%.The business had revenue of $12.25 billion for the quarter, compared to analyst estimates of $12.17 billion. During the same period in the previous year, the company posted $6.61 EPS. The company's revenue was up 16.2% compared to the same quarter last year. Netflix has set its Q2 2026 guidance at 0.780-0.780 EPS. As a group, research analysts forecast that Netflix, Inc. will post 3.53 earnings per share for the current year.

Insider Buying and Selling at Netflix

In other news, CEO Gregory K. Peters sold 105,781 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $82.94, for a total value of $8,773,476.14. Following the completion of the sale, the chief executive officer owned 122,140 shares of the company's stock, valued at $10,130,291.60. This represents a 46.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David A. Hyman sold 5,727 shares of the firm's stock in a transaction on Monday, February 9th. The shares were sold at an average price of $81.06, for a total transaction of $464,230.62. Following the completion of the transaction, the insider directly owned 316,100 shares in the company, valued at approximately $25,623,066. This represents a 1.78% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,487,794 shares of company stock valued at $136,255,772. 1.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NFLX. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Netflix in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on Netflix from $98.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, April 14th. Wells Fargo & Company assumed coverage on shares of Netflix in a report on Monday, March 9th. They set an "equal weight" rating and a $105.00 price objective on the stock. Arete Research raised shares of Netflix from a "neutral" rating to a "buy" rating in a research report on Friday, February 27th. Finally, Loop Capital set a $104.00 target price on shares of Netflix in a report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and fourteen have issued a Hold rating to the company's stock. According to data from MarketBeat, Netflix presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.53.

Netflix Company Profile

Netflix, Inc NASDAQ: NFLX is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.

The company's primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.

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