State of Michigan Retirement System Sells 436,400 Shares of Netflix, Inc. $NFLX

Key Points

• State of Michigan Retirement System cut its Netflix stake by 27.3% in the first quarter, selling 436,400 shares and leaving it with 1,163,190 shares worth about $111.8 million.
• Insider selling has also been notable, with Netflix executives and directors unloading shares in recent months; insiders sold about 899,839 shares worth $80.1 million over the last 90 days.
• Analysts remain mostly constructive but mixed, with the stock carrying a “Moderate Buy” consensus and an average price target of $112.51, though some firms have recently trimmed targets ahead of earnings concerns.

State of Michigan Retirement System lowered its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 27.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,163,190 shares of the Internet television network's stock after selling 436,400 shares during the period. Netflix comprises approximately 0.6% of State of Michigan Retirement System's holdings, making the stock its 28th largest holding. State of Michigan Retirement System's holdings in Netflix were worth $111,841,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in NFLX. Brighton Jones LLC increased its position in 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 during the period. Revolve Wealth Partners LLC raised its holdings in shares of Netflix by 16.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network's stock valued at $912,000 after purchasing an additional 144 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Netflix by 21.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 1,406 shares of the Internet television network's stock worth $1,883,000 after purchasing an additional 246 shares during the period. Strategic Investment Advisors MI lifted its position in shares of Netflix by 18.9% in the 2nd quarter. Strategic Investment Advisors MI now owns 774 shares of the Internet television network's stock worth $1,036,000 after purchasing an additional 123 shares during the period. Finally, Schnieders Capital Management LLC. boosted its stake in shares of Netflix by 12.1% during the second quarter. Schnieders Capital Management LLC. now owns 2,115 shares of the Internet television network's stock valued at $2,832,000 after purchasing an additional 228 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Spencer Adam Neumann sold 9,253 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $88.95, for a total transaction of $823,054.35. Following the transaction, the chief financial officer directly owned 73,787 shares in the company, valued at $6,563,353.65. The trade was a 11.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bradford L. Smith sold 35,990 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $77.52, for a total value of $2,789,944.80. Following the transaction, the director directly owned 79,690 shares in the company, valued at $6,177,568.80. This represents a 31.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 899,839 shares of company stock worth $80,141,661. Company insiders own 1.24% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NFLX shares. Wedbush reissued an "outperform" rating and set a $118.00 price objective on shares of Netflix in a report on Thursday, April 16th. Citizens Jmp restated a "market perform" rating on shares of Netflix in a report on Wednesday, April 15th. Sanford C. Bernstein set a $100.00 target price on Netflix and gave the company an "outperform" rating in a research report on Wednesday, July 8th. KeyCorp reiterated an "overweight" rating and issued a $92.00 price target (down from $115.00) on shares of Netflix in a report on Monday. Finally, President Capital lifted their price target on Netflix from $133.00 to $134.00 and gave the company a "buy" rating in a report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $112.51.

Netflix Trading Up 0.6%

NASDAQ NFLX opened at $73.83 on Tuesday. Netflix, Inc. has a 52 week low of $70.86 and a 52 week high of $127.75. The company has a 50 day moving average price of $81.38 and a 200 day moving average price of $87.45. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.43. The firm has a market cap of $310.88 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 0.93 and a beta of 1.52.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its earnings results 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 net margin of 28.52% and a return on equity of 40.92%. The company had revenue of $12.25 billion during the quarter, compared to the consensus estimate of $12.17 billion. During the same period last year, the firm earned $6.61 earnings per share. Netflix'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, sell-side analysts forecast that Netflix, Inc. will post 3.6 EPS for the current fiscal year.

Netflix News Summary

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Several analysts remain constructive on Netflix heading into earnings, with TD Cowen, JPMorgan, Wedbush and others pointing to solid profit growth, expanding ad revenue, better ad pricing and stronger content in the second half of the year. Article Title
• Positive Sentiment: Options traders are betting on a comeback quarter, suggesting some market participants expect Netflix to beat subdued expectations after the stock’s sharp decline and low valuation. Article Title
• Positive Sentiment: Retail and value investors appear to be rotating back into NFLX because the shares have dropped to multi-year lows, making the stock look cheaper relative to growth and free-cash-flow potential. Article Title
• Neutral Sentiment: Netflix also announced an exclusive live stream of MLB’s Home Run Derby, reinforcing its push into live sports and event programming, but the near-term stock impact is likely limited unless it shows broader engagement benefits. Article Title
• Negative Sentiment: Some firms, including KeyBanc and Oppenheimer, trimmed price targets and warned the Q2 report may be only “largely in line,” reflecting lingering concerns about subscriber engagement, content costs and whether advertising can offset weaker sentiment. Article Title
• Negative Sentiment: Multiple reports note that NFLX has fallen sharply from recent highs and that Wall Street expects a tough quarter, so expectations remain fragile and the stock could swing if results or guidance disappoint. Article Title

About Netflix

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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