Edgewood Management LLC Decreases Position in Netflix, Inc. (NASDAQ:NFLX)

Edgewood Management LLC lessened its holdings in Netflix, Inc. (NASDAQ:NFLX) by 22.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,808,713 shares of the Internet television network’s stock after selling 821,257 shares during the period. Netflix comprises 7.2% of Edgewood Management LLC’s holdings, making the stock its biggest holding. Edgewood Management LLC owned approximately 0.66% of Netflix worth $2,503,462,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NFLX. Norges Bank acquired a new position in Netflix in the 4th quarter worth about $5,019,087,000. Proficio Capital Partners LLC increased its position in Netflix by 123,836.7% during the 4th quarter. Proficio Capital Partners LLC now owns 1,925,977 shares of the Internet television network’s stock valued at $1,716,662,000 after purchasing an additional 1,924,423 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Netflix by 59.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network’s stock worth $2,051,016,000 after purchasing an additional 856,307 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Netflix by 318.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 976,924 shares of the Internet television network’s stock worth $870,752,000 after purchasing an additional 743,724 shares during the period. Finally, Strategic Financial Concepts LLC boosted its stake in shares of Netflix by 112,896.4% in the 4th quarter. Strategic Financial Concepts LLC now owns 381,928 shares of the Internet television network’s stock valued at $340,420,000 after purchasing an additional 381,590 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Netflix

In related news, CFO Spencer Adam Neumann sold 2,601 shares of Netflix stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $921.72, for a total value of $2,397,393.72. Following the sale, the chief financial officer now owns 3,691 shares of the company’s stock, valued at approximately $3,402,068.52. The trade was a 41.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Reed Hastings sold 25,360 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $921.15, for a total value of $23,360,364.00. Following the completion of the transaction, the chairman now owns 394 shares in the company, valued at approximately $362,933.10. The trade was a 98.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 280,676 shares of company stock worth $273,515,672 in the last ninety days. Company insiders own 1.76% of the company’s stock.

Netflix Trading Down 6.7 %

Shares of NFLX stock opened at $855.86 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22. The company has a market capitalization of $366.10 billion, a price-to-earnings ratio of 43.16, a PEG ratio of 2.12 and a beta of 1.38. Netflix, Inc. has a 52-week low of $542.01 and a 52-week high of $1,064.50. The company has a 50-day simple moving average of $970.24 and a two-hundred day simple moving average of $875.80.

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

Analyst Upgrades and Downgrades

NFLX has been the subject of a number of analyst reports. Loop Capital reissued a “hold” rating on shares of Netflix in a research note on Monday, March 24th. Sanford C. Bernstein raised Netflix from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $975.00 to $1,200.00 in a research report on Friday, January 24th. Wedbush restated an “outperform” rating and set a $1,150.00 target price (up previously from $950.00) on shares of Netflix in a research report on Wednesday, January 22nd. Barclays upgraded Netflix from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $715.00 to $900.00 in a report on Wednesday, January 22nd. Finally, Evercore ISI increased their price target on Netflix from $950.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd. Ten research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,023.74.

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.