Netflix, Inc. (NASDAQ:NFLX) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,854 shares of the Internet television network’s stock after selling 149 shares during the period. Pinnacle Associates Ltd.’s holdings in Netflix were worth $5,571,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of NFLX. DigitalBridge Group Inc. grew its stake in shares of Netflix by 35.5% during the 2nd quarter. DigitalBridge Group Inc. now owns 36,063 shares of the Internet television network’s stock valued at $24,338,000 after buying an additional 9,451 shares during the period. M&G Plc acquired a new position in Netflix in the first quarter valued at $9,682,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Netflix by 58.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,931 shares of the Internet television network’s stock valued at $55,968,000 after acquiring an additional 30,511 shares during the period. Forsta AP Fonden increased its stake in Netflix by 7.7% during the third quarter. Forsta AP Fonden now owns 121,400 shares of the Internet television network’s stock worth $86,105,000 after acquiring an additional 8,700 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Netflix by 13.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 60,721 shares of the Internet television network’s stock worth $36,878,000 after purchasing an additional 7,406 shares during the period. 80.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 20,656 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $605.13, for a total transaction of $12,499,565.28. Following the completion of the transaction, the insider now owns 31,610 shares of the company’s stock, valued at approximately $19,128,159.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Reed Hastings sold 45,290 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $706.16, for a total value of $31,981,986.40. Following the completion of the transaction, the chairman now directly owns 85 shares in the company, valued at $60,023.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David A. Hyman sold 20,656 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $605.13, for a total transaction of $12,499,565.28. Following the transaction, the insider now owns 31,610 shares in the company, valued at $19,128,159.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 209,810 shares of company stock worth $142,049,542. 1.76% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NFLX shares. The Goldman Sachs Group set a $750.00 target price on Netflix in a report on Friday, October 18th. Barclays reissued an “underweight” rating and issued a $550.00 price objective on shares of Netflix in a research report on Friday, October 18th. Needham & Company LLC lifted their target price on shares of Netflix from $700.00 to $800.00 and gave the company a “buy” rating in a report on Friday, October 18th. StockNews.com upgraded Netflix from a “hold” rating to a “buy” rating in a report on Tuesday, September 24th. Finally, BMO Capital Markets restated an “outperform” rating and set a $825.00 price objective (up previously from $770.00) on shares of Netflix in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $748.15.

Netflix Price Performance

NFLX opened at $753.74 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $710.23 and its 200 day moving average price is $662.33. Netflix, Inc. has a fifty-two week low of $404.63 and a fifty-two week high of $773.00. The firm has a market cap of $322.19 billion, a price-to-earnings ratio of 42.66, a price-to-earnings-growth ratio of 1.45 and a beta of 1.26.

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.