Welch & Forbes LLC Sells 24,235 Shares of Netflix, Inc. $NFLX

Key Points

• Welch & Forbes cut its Netflix stake by 13.7% in the third quarter, selling 24,235 shares and retaining 153,282 shares valued at about $10.7 million.
• Institutional investors had mixed activity, while hedge funds and other institutions collectively held 80.93% of Netflix shares. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $89.14.
• Netflix reported quarterly EPS of $0.87, ahead of the $0.82 estimate, and revenue grew 11.9% year over year to $12.87 billion.

Welch & Forbes LLC lessened its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 13.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 153,282 shares of the Internet television network's stock after selling 24,235 shares during the period. Welch & Forbes LLC's holdings in Netflix were worth $10,665,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Nykredit A S bought a new position in Netflix during the second quarter worth about $105,697,000. Rockland Trust Co. raised its position in shares of Netflix by 27.5% in the third quarter. Rockland Trust Co. now owns 219,221 shares of the Internet television network's stock valued at $15,253,000 after purchasing an additional 47,339 shares during the period. Boomfish Wealth Group LLC raised its position in shares of Netflix by 91.5% in the third quarter. Boomfish Wealth Group LLC now owns 34,547 shares of the Internet television network's stock valued at $2,404,000 after purchasing an additional 16,510 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Netflix in the second quarter valued at approximately $37,743,000. Finally, Sarasin & Partners LLP raised its position in shares of Netflix by 10.5% in the second quarter. Sarasin & Partners LLP now owns 2,736,198 shares of the Internet television network's stock valued at $195,365,000 after purchasing an additional 259,794 shares during the period. Hedge funds and other institutional investors own 80.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NFLX shares. Citizens Jmp restated a "market perform" rating on shares of Netflix in a research note on Wednesday, October 21st. Robert W. Baird set a $90.00 price objective on shares of Netflix and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Phillip Securities cut shares of Netflix from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, October 23rd. Barclays set a $65.00 target price on Netflix and gave the stock an "equal weight" rating in a research report on Wednesday, October 21st. Finally, Wolfe Research lowered Netflix from an "outperform" rating to a "peer perform" rating in a report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Netflix presently has a consensus rating of "Moderate Buy" and an average target price of $89.14.

Insider Buying and Selling at Netflix

In related news, Director Richard Barton sold 720 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $75.27, for a total transaction of $54,194.40. Following the sale, the director owned 2,460 shares of the company's stock, valued at approximately $185,164.20. This represents a 22.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Hyman sold 5,727 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $64.55, for a total transaction of $369,677.85. Following the completion of the sale, the insider owned 166,100 shares in the company, valued at $10,721,755. This represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 61,712 shares of company stock worth $4,051,144 in the last ninety days. Insiders own 1.24% of the company's stock.

Netflix Trading Up 0.9%

Shares of NFLX opened at $63.95 on Tuesday. The business's 50-day moving average price is $70.68 and its 200-day moving average price is $80.86. Netflix, Inc. has a twelve month low of $61.39 and a twelve month high of $116.73. The stock has a market cap of $262.60 billion, a PE ratio of 18.48, a P/E/G ratio of 0.97 and a beta of 1.62. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.43.

Netflix (NASDAQ:NFLX - Get Free Report) last released its quarterly earnings data on Tuesday, October 20th. The Internet television network reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.05. Netflix had a net margin of 29.69% and a return on equity of 42.69%. The company had revenue of $12.87 billion during the quarter, compared to analyst estimates of $12.87 billion. During the same period last year, the business earned $0.59 earnings per share. Netflix's revenue was up 11.9% compared to the same quarter last year. On average, equities analysts forecast that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Netflix Profile

Netflix, Inc is an entertainment company that offers subscription-based streaming of television series, films, documentaries and other programming. Its service also includes mobile games and, in some markets, advertising-supported viewing plans. Netflix produces and licenses content, including titles made under its Netflix brand.

Founded in 1997 by Reed Hastings and Marc Randolph as a DVD-by-mail rental business, the company launched its streaming service in 2007 and later expanded into original programming.

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