Wallace Advisory Group LLC Lowers Stake in Netflix, Inc. $NFLX

Key Points

• Wallace Advisory Group LLC has reduced its stake in Netflix, Inc. by 40.3%, now holding 887 shares worth approximately $1.19 million.
• Institutional investors collectively own 80.93% of Netflix's stock, with hedge funds significantly increasing their positions during the recent quarter.
• Netflix's stock received varied ratings from analysts, with a consensus of Moderate Buy and an average price target of $1,339.81.

Wallace Advisory Group LLC lowered its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 40.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 887 shares of the Internet television network's stock after selling 600 shares during the period. Wallace Advisory Group LLC's holdings in Netflix were worth $1,188,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in Netflix during the 1st quarter worth approximately $2,385,585,000. Kingstone Capital Partners Texas LLC lifted its holdings in Netflix by 343,058.2% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 2,463,876 shares of the Internet television network's stock worth $3,299,450,000 after buying an additional 2,463,158 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Netflix by 57.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,393,064 shares of the Internet television network's stock worth $3,164,134,000 after buying an additional 1,236,251 shares in the last quarter. Amundi lifted its holdings in Netflix by 37.7% during the 1st quarter. Amundi now owns 2,070,221 shares of the Internet television network's stock worth $1,898,496,000 after buying an additional 567,251 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Netflix by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 37,997,260 shares of the Internet television network's stock worth $35,433,585,000 after buying an additional 509,255 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company's stock.

Analyst Ratings Changes

NFLX has been the topic of a number of research reports. Itau BBA Securities initiated coverage on shares of Netflix in a report on Tuesday, October 7th. They set an "outperform" rating and a $1,514.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $1,500.00 target price on shares of Netflix in a report on Wednesday, September 10th. Wall Street Zen lowered shares of Netflix from a "buy" rating to a "hold" rating in a report on Saturday, October 4th. Rosenblatt Securities raised their price objective on shares of Netflix from $1,514.00 to $1,515.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Morgan Stanley set a $1,500.00 price objective on shares of Netflix in a report on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,339.81.

Insiders Place Their Bets

In other news, CEO Gregory K. Peters sold 2,026 shares of Netflix stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $1,157.44, for a total value of $2,344,973.44. Following the sale, the chief executive officer owned 12,781 shares of the company's stock, valued at $14,793,240.64. The trade was a 13.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cletus R. Willems sold 238 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $1,153.52, for a total transaction of $274,537.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,100 shares of company stock valued at $122,710,980. Corporate insiders own 1.37% of the company's stock.

Netflix Trading Up 3.3%

Shares of Netflix stock opened at $1,238.56 on Tuesday. Netflix, Inc. has a 1 year low of $744.26 and a 1 year high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $526.30 billion, a P/E ratio of 52.77, a PEG ratio of 2.02 and a beta of 1.59. The company's fifty day moving average is $1,213.87 and its two-hundred day moving average is $1,182.08.

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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