Washington Trust Bank Makes New $302,000 Investment in Netflix, Inc. (NASDAQ:NFLX)

Washington Trust Bank bought a new stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 324 shares of the Internet television network's stock, valued at approximately $302,000.

A number of other large investors have also recently bought and sold shares of NFLX. GAMMA Investing LLC lifted its holdings in Netflix by 109,524.3% in the first quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network's stock valued at $8,239,576,000 after acquiring an additional 8,827,662 shares during the period. Norges Bank purchased a new position in shares of Netflix during the 4th quarter valued at approximately $5,019,087,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Netflix by 59.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network's stock valued at $2,051,016,000 after buying an additional 856,307 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Netflix by 318.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 976,924 shares of the Internet television network's stock valued at $870,752,000 after buying an additional 743,724 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Netflix by 14.3% during the 4th quarter. Northern Trust Corp now owns 4,574,006 shares of the Internet television network's stock valued at $4,076,903,000 after buying an additional 570,674 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company's stock.

Netflix Trading Up 1.0%

Netflix stock traded up $12.97 during trading on Wednesday, hitting $1,288.28. The company's stock had a trading volume of 2,380,931 shares, compared to its average volume of 3,764,707. The stock has a market capitalization of $548.25 billion, a price-to-earnings ratio of 60.88, a P/E/G ratio of 2.32 and a beta of 1.59. The stock's fifty day moving average is $1,214.45 and its 200 day moving average is $1,042.85. Netflix, Inc. has a 1-year low of $587.04 and a 1-year high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.20 and a current ratio of 1.20.

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

Insider Activity at Netflix

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $1,307.22, for a total transaction of $3,400,079.22. Following the completion of the sale, the chief financial officer directly owned 3,691 shares in the company, valued at $4,824,949.02. This represents a 41.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Reed Hastings sold 9,673 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $1,329.11, for a total value of $12,856,481.03. Following the completion of the sale, the director owned 394 shares of the company's stock, valued at approximately $523,669.34. This trade represents a 96.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 186,723 shares of company stock valued at $223,307,201 over the last three months. Insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NFLX. Citigroup reissued a "neutral" rating and issued a $1,250.00 price objective (up from $1,020.00) on shares of Netflix in a research note on Thursday, May 29th. Rosenblatt Securities increased their price objective on Netflix from $1,494.00 to $1,514.00 and gave the company a "buy" rating in a research note on Monday, April 21st. The Goldman Sachs Group upped their target price on Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. restated a "neutral" rating and issued a $1,220.00 target price (up from $1,150.00) on shares of Netflix in a report on Monday, May 19th. Finally, Piper Sandler set a $1,150.00 target price on Netflix and gave the company an "overweight" rating in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $1,185.61.

Netflix 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.