State of Michigan Retirement System Increases Stake in Netflix, Inc. (NASDAQ:NFLX)

State of Michigan Retirement System raised its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,249 shares of the Internet television network's stock after buying an additional 10,000 shares during the quarter. Netflix comprises approximately 0.9% of State of Michigan Retirement System's holdings, making the stock its 18th largest position. State of Michigan Retirement System's holdings in Netflix were worth $159,695,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NFLX. MJP Associates Inc. ADV grew its holdings in shares of Netflix by 9.4% in the first quarter. MJP Associates Inc. ADV now owns 677 shares of the Internet television network's stock valued at $631,000 after purchasing an additional 58 shares in the last quarter. Bernardo Wealth Planning LLC grew its holdings in shares of Netflix by 2.9% in the first quarter. Bernardo Wealth Planning LLC now owns 533 shares of the Internet television network's stock valued at $497,000 after purchasing an additional 15 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Netflix by 32.7% in the first quarter. Cerity Partners LLC now owns 110,176 shares of the Internet television network's stock valued at $102,743,000 after purchasing an additional 27,125 shares in the last quarter. Phillips Financial Management LLC grew its holdings in shares of Netflix by 8.2% in the first quarter. Phillips Financial Management LLC now owns 358 shares of the Internet television network's stock valued at $334,000 after purchasing an additional 27 shares in the last quarter. Finally, Correct Capital Wealth Management bought a new stake in Netflix in the first quarter worth $435,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Price Performance

Shares of NASDAQ NFLX opened at $1,250.59 on Friday. The business's 50 day moving average price is $1,219.93 and its 200 day moving average price is $1,046.88. The firm has a market cap of $532.21 billion, a P/E ratio of 59.10, a P/E/G ratio of 2.34 and a beta of 1.59. Netflix, Inc. has a 52 week low of $587.04 and a 52 week high of $1,341.15. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, topping the consensus estimate of $5.74 by $0.87. Netflix had a return on equity of 39.61% and a net margin of 23.07%. The business had revenue of $10.54 billion for the quarter, compared to analyst estimates of $10.51 billion. During the same quarter in the prior year, the firm posted $8.28 EPS. On average, sell-side analysts expect that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insiders Place Their Bets

In other Netflix news, Director Ann Mather sold 1,090 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $1,250.00, for a total value of $1,362,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Spencer Adam Neumann sold 2,601 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the completion of the sale, the chief financial officer owned 3,691 shares in the company, valued at approximately $4,824,949.02. This represents a 41.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 186,723 shares of company stock worth $223,307,201. Corporate insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NFLX shares. KeyCorp raised their price target on Netflix from $1,070.00 to $1,390.00 and gave the stock an "overweight" rating in a research report on Thursday. Robert W. Baird raised their price target on Netflix from $1,200.00 to $1,300.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Rosenblatt Securities raised their price target on Netflix from $1,494.00 to $1,514.00 and gave the stock a "buy" rating in a research report on Monday, April 21st. Wedbush restated an "outperform" rating and issued a $1,200.00 price target on shares of Netflix in a research report on Monday, May 5th. Finally, Citigroup restated a "neutral" rating and issued a $1,250.00 price target (up from $1,020.00) on shares of Netflix in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Netflix presently has a consensus rating of "Moderate Buy" and an average target price of $1,195.30.

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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