First Pacific Advisors LP Cuts Stock Position in Netflix, Inc. (NASDAQ:NFLX)

First Pacific Advisors LP trimmed its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 94.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,799 shares of the Internet television network’s stock after selling 45,278 shares during the period. First Pacific Advisors LP’s holdings in Netflix were worth $2,495,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB boosted its holdings in Netflix by 22.7% in the 4th quarter. Nordea Investment Management AB now owns 848,150 shares of the Internet television network’s stock worth $760,918,000 after buying an additional 156,958 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Netflix by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,579,404 shares of the Internet television network’s stock valued at $1,829,494,000 after acquiring an additional 29,726 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Netflix by 7.4% in the fourth quarter. Sigma Planning Corp now owns 5,572 shares of the Internet television network’s stock worth $4,966,000 after acquiring an additional 386 shares during the last quarter. Haven Private LLC acquired a new stake in shares of Netflix in the fourth quarter worth approximately $733,000. Finally, Natixis Advisors LLC increased its position in shares of Netflix by 2.0% during the third quarter. Natixis Advisors LLC now owns 612,458 shares of the Internet television network’s stock worth $434,398,000 after purchasing an additional 11,921 shares in the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on NFLX. Rosenblatt Securities upgraded Netflix from a “neutral” rating to a “buy” rating and raised their price objective for the company from $680.00 to $1,494.00 in a report on Wednesday, January 22nd. Pivotal Research raised their price target on shares of Netflix from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Phillip Securities cut shares of Netflix from a “hold” rating to a “moderate sell” rating in a research note on Friday, January 24th. Bank of America increased their price objective on shares of Netflix from $1,000.00 to $1,175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $1,100.00 target price (up from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Ten analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Netflix currently has a consensus rating of “Moderate Buy” and an average price target of $1,021.70.

Insiders Place Their Bets

In related news, CFO Spencer Adam Neumann sold 2,601 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $982.05, for a total value of $2,554,312.05. Following the sale, the chief financial officer now owns 3,691 shares of the company’s stock, valued at $3,624,746.55. This trade represents a 41.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Reed Hastings sold 30,485 shares of Netflix stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $981.92, for a total transaction of $29,933,831.20. Following the completion of the transaction, the chairman now owns 394 shares of the company’s stock, valued at $386,876.48. This represents a 98.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 288,103 shares of company stock worth $279,142,041 in the last ninety days. 1.76% of the stock is owned by corporate insiders.

Netflix Stock Performance

Shares of Netflix stock opened at $891.11 on Monday. The stock has a market capitalization of $381.18 billion, a price-to-earnings ratio of 44.94, a price-to-earnings-growth ratio of 2.12 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.22 and a quick ratio of 1.22. The business has a 50-day moving average of $950.26 and a 200 day moving average of $842.54. Netflix, Inc. has a 12 month low of $542.01 and a 12 month high of $1,064.50.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.20 by $0.07. The business had revenue of $10.25 billion for the quarter, compared to analysts’ expectations of $10.14 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.11 earnings per share. As a group, sell-side analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current year.

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.