First Trust Direct Indexing L.P. Raises Stock Position in Netflix, Inc. (NASDAQ:NFLX)

First Trust Direct Indexing L.P. lifted its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 14.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,330 shares of the Internet television network’s stock after acquiring an additional 1,342 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Netflix were worth $6,274,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NFLX. Norges Bank purchased a new position in Netflix during the fourth quarter valued at approximately $2,558,598,000. Wellington Management Group LLP boosted its stake in Netflix by 540.9% in the fourth quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock valued at $1,888,503,000 after acquiring an additional 3,273,592 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Netflix by 15,039.1% in the fourth quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock valued at $1,010,553,000 after acquiring an additional 2,061,859 shares in the last quarter. Jennison Associates LLC boosted its stake in Netflix by 40.6% in the fourth quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock valued at $2,654,602,000 after acquiring an additional 1,573,978 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in Netflix in the first quarter valued at approximately $436,514,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Price Performance

Shares of NFLX stock traded up $2.93 on Thursday, reaching $682.51. 1,403,545 shares of the company were exchanged, compared to its average volume of 2,678,236. The company has a market cap of $294.16 billion, a price-to-earnings ratio of 47.36, a P/E/G ratio of 1.47 and a beta of 1.27. The business has a 50-day moving average price of $635.90 and a 200 day moving average price of $588.63. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.07. Netflix, Inc. has a 1 year low of $344.73 and a 1 year high of $689.88.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.77. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a net margin of 18.42% and a return on equity of 29.62%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.88 earnings per share. Equities research analysts forecast that Netflix, Inc. will post 18.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. KeyCorp raised their target price on shares of Netflix from $705.00 to $707.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Benchmark raised their target price on shares of Netflix from $440.00 to $450.00 and gave the company a “sell” rating in a research note on Friday, May 17th. Bank of America raised their target price on shares of Netflix from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Loop Capital lifted their price objective on shares of Netflix from $700.00 to $750.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, Piper Sandler lifted their price objective on shares of Netflix from $550.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $637.34.

Insider Transactions at Netflix

In other news, Chairman Reed Hastings sold 22,526 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $670.49, for a total transaction of $15,103,457.74. Following the completion of the sale, the chairman now owns 57 shares of the company’s stock, valued at $38,217.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Gregory K. Peters sold 4,783 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $675.00, for a total transaction of $3,228,525.00. Following the transaction, the chief executive officer now directly owns 13,090 shares in the company, valued at $8,835,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Reed Hastings sold 22,526 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $670.49, for a total transaction of $15,103,457.74. Following the transaction, the chairman now owns 57 shares in the company, valued at $38,217.93. The disclosure for this sale can be found here. Insiders sold 71,385 shares of company stock valued at $44,469,351 over the last 90 days. Corporate insiders own 1.76% of the company’s stock.

Netflix 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.