Netflix (NASDAQ:NFLX) Stock Price Down 2.9% - Here's What Happened

Netflix, Inc. (NASDAQ:NFLX - Get Free Report) traded down 2.9% during mid-day trading on Thursday . The stock traded as low as $1,247.00 and last traded at $1,250.46. 1,281,969 shares traded hands during trading, a decline of 66% from the average session volume of 3,755,306 shares. The stock had previously closed at $1,288.28.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NFLX shares. Barclays restated a "sell" rating and issued a $1,100.00 price objective (up from $1,000.00) on shares of Netflix in a research report on Wednesday. Evercore ISI reiterated an "outperform" rating on shares of Netflix in a report on Thursday, May 15th. KeyCorp lifted their price objective on shares of Netflix from $1,070.00 to $1,390.00 and gave the company an "overweight" rating in a report on Thursday. The Goldman Sachs Group raised their target price on shares of Netflix from $1,000.00 to $1,140.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group boosted their target price on shares of Netflix from $1,200.00 to $1,400.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $1,214.52.

Netflix Stock Performance

The company has a market capitalization of $529.88 billion, a price-to-earnings ratio of 58.84, a P/E/G ratio of 2.34 and a beta of 1.59. The stock has a 50 day simple moving average of $1,219.93 and a 200 day simple moving average of $1,046.88. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 earnings per share for the quarter, topping analysts' consensus estimates of $5.74 by $0.87. Netflix had a net margin of 23.07% and a return on equity of 39.61%. The business had revenue of $10.54 billion for the quarter, compared to analysts' expectations of $10.51 billion. During the same quarter last year, the company earned $8.28 EPS. As a group, analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Insider Activity at Netflix

In other news, CAO Jeffrey William Karbowski sold 620 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $1,286.84, for a total transaction of $797,840.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Strive Masiyiwa sold 290 shares of Netflix stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $1,336.54, for a total value of $387,596.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 186,723 shares of company stock worth $223,307,201. 1.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Netflix

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Netflix by 1.4% in the first 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 during the period. FMR LLC lifted its stake in Netflix by 1.8% in the 4th quarter. FMR LLC now owns 20,887,090 shares of the Internet television network's stock worth $18,617,081,000 after acquiring an additional 375,234 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Netflix by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,732,066 shares of the Internet television network's stock worth $10,940,505,000 after acquiring an additional 304,399 shares in the last quarter. Geode Capital Management LLC boosted its position in Netflix by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 9,323,952 shares of the Internet television network's stock worth $8,287,823,000 after acquiring an additional 175,596 shares during the period. Finally, GAMMA Investing LLC grew its stake in Netflix by 109,524.3% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 80.93% of the company's stock.

About Netflix

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.