Kentucky Retirement Systems Reduces Position in Netflix, Inc. (NASDAQ:NFLX)

Kentucky Retirement Systems trimmed its holdings in Netflix, Inc. (NASDAQ:NFLX) by 7.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,898 shares of the Internet television network’s stock after selling 2,573 shares during the quarter. Netflix comprises approximately 0.6% of Kentucky Retirement Systems’ portfolio, making the stock its 23rd largest holding. Kentucky Retirement Systems’ holdings in Netflix were worth $21,206,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Denver PWM LLC purchased a new position in shares of Netflix during the 2nd quarter worth $25,000. Proffitt & Goodson Inc. boosted its stake in Netflix by 380.0% during the second quarter. Proffitt & Goodson Inc. now owns 48 shares of the Internet television network’s stock worth $32,000 after buying an additional 38 shares during the period. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Netflix by 700.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 48 shares of the Internet television network’s stock valued at $34,000 after acquiring an additional 42 shares during the last quarter. AlphaMark Advisors LLC increased its position in shares of Netflix by 642.9% during the second quarter. AlphaMark Advisors LLC now owns 52 shares of the Internet television network’s stock valued at $35,000 after acquiring an additional 45 shares during the last quarter. Finally, Triad Wealth Partners LLC purchased a new stake in shares of Netflix in the 2nd quarter valued at approximately $38,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Netflix Price Performance

NFLX stock opened at $823.96 on Friday. The company has a market cap of $352.21 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 1.60 and a beta of 1.25. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $735.77 and a 200-day moving average of $679.56. Netflix, Inc. has a 12-month low of $445.73 and a 12-month high of $841.00.

Netflix (NASDAQ:NFLX) last posted its earnings results on Thursday, October 17th. The Internet television network reported $5.40 EPS for the quarter, topping analysts’ consensus estimates of $5.09 by $0.31. Netflix had a return on equity of 35.86% and a net margin of 20.70%. The company had revenue of $9.82 billion for the quarter, compared to the consensus estimate of $9.77 billion. As a group, equities analysts expect that Netflix, Inc. will post 19.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $825.00 price objective (up previously from $770.00) on shares of Netflix in a research report on Friday, October 18th. Morgan Stanley raised their price target on Netflix from $820.00 to $830.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Guggenheim increased their target price on Netflix from $810.00 to $825.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Evercore ISI raised their target price on Netflix from $750.00 to $775.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Jefferies Financial Group increased their price objective on Netflix from $780.00 to $800.00 and gave the company a “buy” rating in a report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Netflix presently has an average rating of “Moderate Buy” and a consensus price target of $748.15.

Insiders Place Their Bets

In other news, Chairman Reed Hastings sold 25,074 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $680.92, for a total value of $17,073,388.08. Following the completion of the transaction, the chairman now directly owns 85 shares of the company’s stock, valued at $57,878.20. The trade was a 99.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Timothy M. Haley sold 647 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $800.19, for a total value of $517,722.93. The disclosure for this sale can be found here. Over the last quarter, insiders sold 205,084 shares of company stock worth $146,747,101. Insiders own 1.76% of the company’s stock.

About Netflix

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.