Montecito Bank & Trust Sells 233 Shares of Netflix, Inc. (NASDAQ:NFLX)

Montecito Bank & Trust lowered its stake in Netflix, Inc. (NASDAQ:NFLX) by 23.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 758 shares of the Internet television network’s stock after selling 233 shares during the quarter. Montecito Bank & Trust’s holdings in Netflix were worth $512,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Netflix in the fourth quarter worth about $2,558,598,000. Wellington Management Group LLP grew its position in shares of Netflix by 540.9% in the 4th quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock worth $1,888,503,000 after buying an additional 3,273,592 shares during the last quarter. GQG Partners LLC purchased a new position in shares of Netflix during the first quarter valued at approximately $1,450,476,000. Jennison Associates LLC lifted 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 worth $2,654,602,000 after acquiring an additional 1,573,978 shares during the period. Finally, Global Assets Advisory LLC bought a new stake in Netflix in the first quarter valued at $436,514,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Buying and Selling

In related news, Director Jay C. Hoag sold 37,675 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $629.73, for a total value of $23,725,077.75. The sale was disclosed in a legal 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 Netflix stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $675.00, for a total transaction of $3,228,525.00. Following the completion of the transaction, the chief executive officer now directly owns 13,090 shares in the company, valued at approximately $8,835,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jay C. Hoag sold 37,675 shares of Netflix stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $629.73, for a total transaction of $23,725,077.75. The disclosure for this sale can be found here. Insiders sold a total of 132,893 shares of company stock worth $84,412,483 over the last 90 days. 1.76% of the stock is owned by insiders.

Netflix Stock Up 1.9 %

NFLX stock traded up $12.28 during mid-day trading on Friday, reaching $675.50. The company had a trading volume of 1,734,992 shares, compared to its average volume of 3,885,558. Netflix, Inc. has a fifty-two week low of $344.73 and a fifty-two week high of $697.49. The company has a market capitalization of $291.14 billion, a price-to-earnings ratio of 46.72, a price-to-earnings-growth ratio of 1.28 and a beta of 1.27. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a fifty day simple moving average of $653.82 and a 200 day simple moving average of $620.51.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Thursday, July 18th. The Internet television network reported $4.88 EPS for the quarter, topping the consensus estimate of $4.74 by $0.14. The company had revenue of $9.56 billion during the quarter, compared to analysts’ expectations of $9.53 billion. Netflix had a net margin of 19.54% and a return on equity of 32.93%. The firm’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.29 EPS. Analysts forecast that Netflix, Inc. will post 19.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Guggenheim lifted their price target on Netflix from $700.00 to $735.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. KeyCorp upped their price target on Netflix from $707.00 to $735.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Morgan Stanley lifted their price objective on Netflix from $700.00 to $780.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Oppenheimer reissued an “outperform” rating and issued a $725.00 target price on shares of Netflix in a research note on Tuesday, July 30th. Finally, Redburn Atlantic raised their price target on Netflix from $740.00 to $760.00 and gave the company a “buy” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, Netflix presently has a consensus rating of “Moderate Buy” and an average target price of $681.21.

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.