Westpac Banking Corp Sells 619 Shares of Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Westpac Banking Corp has reduced its stake in Netflix by 3.7%, now holding 16,212 shares valued at $15.12 million, making Netflix the 11th largest holding in its portfolio.
• Significant investments by other institutions include GAMMA Investing LLC, which increased its stake by 109,524.3% to 8.83 million shares valued at over $8.23 billion.
• Netflix's stock currently has a market cap of $517.70 billion and a recent price-to-earnings ratio of 51.91, alongside an earnings per share (EPS) of $7.19 that exceeded expectations.

Westpac Banking Corp trimmed its position in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,212 shares of the Internet television network's stock after selling 619 shares during the period. Netflix comprises 1.1% of Westpac Banking Corp's investment portfolio, making the stock its 11th largest position. Westpac Banking Corp's holdings in Netflix were worth $15,118,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Halbert Hargrove Global Advisors LLC increased its stake in Netflix by 100.0% in the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock worth $25,000 after purchasing an additional 13 shares during the period. Brown Shipley& Co Ltd purchased a new position in Netflix in the 4th quarter worth approximately $27,000. Transce3nd LLC purchased a new position in Netflix in the 4th quarter worth approximately $32,000. Copia Wealth Management purchased a new position in Netflix in the 4th quarter worth approximately $37,000. Finally, Stuart Chaussee & Associates Inc. increased its stake in Netflix by 4,500.0% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 46 shares of the Internet television network's stock worth $41,000 after purchasing an additional 45 shares during the period. 80.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. UBS Group reaffirmed a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Seaport Res Ptn cut Netflix from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 6th. TD Cowen lifted their price target on Netflix from $1,440.00 to $1,450.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Cfra Research raised Netflix to a "strong-buy" rating in a research note on Monday, April 28th. Finally, Macquarie boosted their target price on Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Monday, April 21st. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,297.66.

Netflix Stock Up 2.2%

Shares of NASDAQ NFLX traded up $26.12 during trading on Thursday, reaching $1,230.56. The company had a trading volume of 3,900,173 shares, compared to its average volume of 4,191,276. Netflix, Inc. has a 12-month low of $659.80 and a 12-month high of $1,341.15. The stock has a market cap of $522.90 billion, a PE ratio of 52.43, a P/E/G ratio of 2.06 and a beta of 1.59. The business's 50-day moving average is $1,231.68 and its 200 day moving average is $1,098.52. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX - Get Free Report) last released its earnings results on Thursday, July 17th. The Internet television network reported $7.19 EPS 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 firm had revenue of $11.08 billion for the quarter, compared to analysts' expectations of $11.04 billion. During the same period in the prior year, the firm posted $4.88 earnings per share. The company's quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jay C. Hoag sold 31,750 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total transaction of $39,762,112.50. Following the transaction, the director directly owned 63,040 shares of the company's stock, valued at $78,948,144. This represents a 33.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Reed Hastings sold 26,933 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,211.66, for a total value of $32,633,638.78. Following the transaction, the director directly owned 394 shares in the company, valued at approximately $477,394.04. The trade was a 98.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,307 shares of company stock valued at $179,443,809. Company insiders own 1.37% of the company's stock.

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.