Zweig DiMenna Associates LLC Decreases Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Key Points

• Zweig DiMenna Associates LLC reduced its holdings in Netflix by 31.4%, selling 3,984 shares and now owns 8,710 shares valued at approximately $8.1 million.
• Production analysts have optimistic projections for Netflix, with multiple firms issuing buy ratings and increasing price targets, with an average target price now at $1,297.66.
• Insider trading activity includes Netflix Director Reed Hastings selling 9,673 shares for over $12.8 million, resulting in a significant decrease in his ownership stake.

Zweig DiMenna Associates LLC cut its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 31.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,710 shares of the Internet television network's stock after selling 3,984 shares during the quarter. Netflix comprises approximately 1.3% of Zweig DiMenna Associates LLC's holdings, making the stock its 29th largest holding. Zweig DiMenna Associates LLC's holdings in Netflix were worth $8,122,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC raised its position in shares of 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 acquiring an additional 13 shares in the last quarter. Brown Shipley& Co Ltd acquired a new stake in shares of Netflix in the fourth quarter worth $27,000. Transce3nd LLC acquired a new stake in Netflix during the fourth quarter worth about $32,000. Copia Wealth Management acquired a new stake in Netflix during the fourth quarter valued at $37,000. Finally, Stuart Chaussee & Associates Inc. grew its position in shares of Netflix by 4,500.0% during the 4th quarter. Stuart Chaussee & Associates Inc. now owns 46 shares of the Internet television network's stock valued at $41,000 after acquiring an additional 45 shares during the period. Institutional investors own 80.93% of the company's stock.

Netflix Price Performance

Shares of NFLX traded down $0.27 on Friday, reaching $1,180.49. The stock had a trading volume of 2,624,404 shares, compared to its average volume of 3,928,007. The company has a quick ratio of 1.20, a current ratio of 1.34 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $501.63 billion, a PE ratio of 50.30, a PEG ratio of 1.99 and a beta of 1.59. Netflix, Inc. has a twelve month low of $587.04 and a twelve month high of $1,341.15. The firm has a 50-day moving average of $1,236.44 and a 200 day moving average of $1,071.39.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on NFLX shares. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Netflix in a research note on Thursday, July 10th. TD Cowen upped their price objective on shares of Netflix from $1,440.00 to $1,450.00 and gave the stock a "buy" rating in a report on Friday, July 18th. UBS Group restated a "market underperform" rating on shares of Netflix in a research note on Saturday, July 19th. Sanford C. Bernstein upped their price target on Netflix from $1,200.00 to $1,390.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley restated an "equal weight" rating on shares of Netflix in a research note on Monday. Three investment 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $1,297.66.

Insider Activity

In other Netflix news, CAO Jeffrey William Karbowski sold 620 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $1,286.84, for a total value of $797,840.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Reed Hastings sold 9,673 shares of Netflix stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $1,329.11, for a total transaction of $12,856,481.03. Following the completion of the transaction, the director owned 394 shares in the company, 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 have sold 185,923 shares of company stock worth $222,445,095 in the last quarter. 1.37% of the stock is currently owned by corporate insiders.

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.