PNC Financial Services Group Inc. Sells 10,077 Shares of Netflix, Inc. (NASDAQ:NFLX)

PNC Financial Services Group Inc. lessened its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,336 shares of the Internet television network’s stock after selling 10,077 shares during the period. PNC Financial Services Group Inc.’s holdings in Netflix were worth $133,106,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of NFLX. State Street Corp lifted its stake in Netflix by 2.6% in the third quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock valued at $12,023,082,000 after buying an additional 426,740 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Netflix by 1.4% during the third quarter. Geode Capital Management LLC now owns 9,148,356 shares of the Internet television network’s stock worth $6,464,736,000 after acquiring an additional 123,029 shares during the period. Jennison Associates LLC lifted its position in Netflix by 4.7% in the 3rd quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock valued at $4,958,417,000 after acquiring an additional 316,594 shares in the last quarter. Wellington Management Group LLP boosted its stake in Netflix by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,897,389 shares of the Internet television network’s stock worth $3,473,571,000 after purchasing an additional 23,702 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Netflix by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 4,527,446 shares of the Internet television network’s stock worth $4,035,404,000 after purchasing an additional 45,507 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Netflix

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $982.05, for a total value of $2,554,312.05. Following the completion of the transaction, the chief financial officer now directly owns 3,691 shares of the company’s stock, valued at $3,624,746.55. The trade was a 41.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory K. Peters sold 102,228 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $980.74, for a total value of $100,259,088.72. Following the sale, the chief executive officer now directly owns 12,950 shares in the company, valued at approximately $12,700,583. This trade represents a 88.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 288,103 shares of company stock valued at $279,142,041 in the last quarter. Company insiders own 1.76% of the company’s stock.

Netflix Stock Performance

NASDAQ:NFLX opened at $891.11 on Friday. The stock has a 50 day simple moving average of $950.26 and a 200 day simple moving average of $841.52. The stock has a market cap of $381.18 billion, a P/E ratio of 44.94, a PEG ratio of 2.12 and a beta of 1.38. Netflix, Inc. has a 1-year low of $542.01 and a 1-year high of $1,064.50. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.56.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NFLX. Robert W. Baird boosted their price target on Netflix from $875.00 to $1,200.00 and gave the company an “outperform” rating in a report on Wednesday, January 22nd. Barclays upgraded Netflix from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $715.00 to $900.00 in a research note on Wednesday, January 22nd. Loop Capital raised their price target on shares of Netflix from $925.00 to $1,000.00 and gave the stock a “hold” rating in a research note on Wednesday, January 22nd. Wedbush reiterated an “outperform” rating and issued a $1,150.00 price objective (up from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $1,100.00 target price (up previously 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,021.70.

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.