State of New Jersey Common Pension Fund D Trims Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Netflix, Inc. by 8.8%, now holding 143,932 shares valued at approximately $134.2 million.
• Institutional investors collectively own 80.93% of Netflix's stock, with several hedge funds increasing their positions, including Nations Financial Group, which boosted its stake by 146.8%.
• Netflix recently reported earnings of $7.19 per share for the last quarter, exceeding expectations and reflecting a 15.9% year-over-year revenue growth.

State of New Jersey Common Pension Fund D lessened its holdings in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 8.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,932 shares of the Internet television network's stock after selling 13,950 shares during the period. Netflix accounts for approximately 0.6% of State of New Jersey Common Pension Fund D's holdings, making the stock its 24th biggest position. State of New Jersey Common Pension Fund D's holdings in Netflix were worth $134,221,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Nations Financial Group Inc. IA ADV boosted its stake in Netflix by 146.8% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 4,018 shares of the Internet television network's stock worth $3,747,000 after purchasing an additional 2,390 shares in the last quarter. Oak Grove Capital LLC purchased a new stake in shares of Netflix during the 1st quarter valued at about $4,896,000. American Century Companies Inc. increased its position in shares of Netflix by 5.6% during the 1st quarter. American Century Companies Inc. now owns 1,376,952 shares of the Internet television network's stock valued at $1,284,049,000 after purchasing an additional 73,275 shares during the last quarter. Ethic Inc. increased its position in shares of Netflix by 0.9% during the 1st quarter. Ethic Inc. now owns 35,330 shares of the Internet television network's stock valued at $32,799,000 after purchasing an additional 332 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Netflix by 15.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 5,110 shares of the Internet television network's stock worth $4,766,000 after acquiring an additional 665 shares in the last quarter. Institutional investors own 80.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Macquarie increased their target price on Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Monday, April 21st. Wells Fargo & Company raised their price target on Netflix from $1,500.00 to $1,560.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Canaccord Genuity Group restated a "buy" rating on shares of Netflix in a research report on Thursday, July 10th. Guggenheim restated a "buy" rating and issued a $1,150.00 price target (up from $1,100.00) on shares of Netflix in a research report on Friday, April 18th. 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. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Netflix currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,297.66.

Insiders Place Their Bets

In other news, CFO Spencer Adam Neumann sold 685 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $1,161.21, for a total value of $795,428.85. Following the completion of the sale, the chief financial officer directly owned 3,691 shares of the company's stock, valued at $4,286,026.11. This trade represents a 15.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Theodore A. Sarandos sold 2,026 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $1,160.62, for a total value of $2,351,416.12. Following the completion of the sale, the chief executive officer directly owned 15,168 shares of the company's stock, valued at $17,604,284.16. This represents a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,307 shares of company stock worth $179,443,809. Corporate insiders own 1.37% of the company's stock.

Netflix Trading Up 2.2%

NASDAQ:NFLX opened at $1,230.56 on Friday. Netflix, Inc. has a 52-week low of $659.80 and a 52-week high of $1,341.15. The stock's 50 day moving average price is $1,231.28 and its 200 day moving average price is $1,100.31. 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 company has a market capitalization of $522.90 billion, a PE ratio of 52.43, a P/E/G ratio of 2.03 and a beta of 1.59.

Netflix (NASDAQ:NFLX - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, topping analysts' consensus estimates of $7.07 by $0.12. Netflix had a return on equity of 42.50% and a net margin of 24.58%. The company had revenue of $11.08 billion during the quarter, compared to analysts' expectations of $11.04 billion. During the same period last year, the firm earned $4.88 EPS. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. On average, research analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current year.

Netflix Company Profile

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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