Norges Bank Buys New Shares in Netflix, Inc. (NASDAQ:NFLX)

Norges Bank purchased a new position in Netflix, Inc. (NASDAQ:NFLX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,631,072 shares of the Internet television network’s stock, valued at approximately $5,019,087,000. Netflix makes up 0.7% of Norges Bank’s holdings, making the stock its 23rd biggest position. Norges Bank owned approximately 1.32% of Netflix as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC raised its holdings in shares of 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 worth $1,716,662,000 after acquiring an additional 1,924,423 shares in the last quarter. 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 worth $12,023,082,000 after purchasing an additional 426,740 shares during the last quarter. Strategic Financial Concepts LLC lifted its stake in shares of Netflix by 112,896.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 381,928 shares of the Internet television network’s stock worth $340,420,000 after acquiring an additional 381,590 shares during the last quarter. KBC Group NV grew its holdings in shares of Netflix by 226.3% in the fourth quarter. KBC Group NV now owns 399,186 shares of the Internet television network’s stock worth $355,803,000 after purchasing an additional 276,865 shares during the last quarter. Finally, GQG Partners LLC lifted its holdings in Netflix by 15.4% during the 4th quarter. GQG Partners LLC now owns 1,905,043 shares of the Internet television network’s stock valued at $1,698,003,000 after buying an additional 253,594 shares in the last quarter. Institutional investors own 80.93% of the company’s stock.

Netflix Price Performance

Shares of Netflix stock opened at $970.65 on Thursday. The firm’s 50-day moving average price is $967.54 and its two-hundred day moving average price is $864.18. Netflix, Inc. has a 1-year low of $542.01 and a 1-year high of $1,064.50. The stock has a market capitalization of $415.20 billion, a price-to-earnings ratio of 48.95, a P/E/G ratio of 2.12 and a beta of 1.38. 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 for the quarter, beating analysts’ consensus estimates of $4.20 by $0.07. The company had revenue of $10.25 billion during the quarter, compared to analyst estimates of $10.14 billion. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company posted $2.11 earnings per share. On average, equities analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Reed Hastings sold 35,868 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $888.08, for a total value of $31,853,653.44. Following the transaction, the chairman now directly owns 114 shares in the company, valued at $101,241.12. This represents a 99.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David A. Hyman sold 41,121 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $979.01, for a total value of $40,257,870.21. Following the completion of the transaction, the insider now owns 31,610 shares in the company, valued at $30,946,506.10. This represents a 56.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 288,583 shares of company stock valued at $279,611,567. 1.76% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NFLX. Needham & Company LLC increased their price objective on Netflix from $800.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. KeyCorp upped their price target on shares of Netflix from $1,000.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Piper Sandler reissued an “overweight” rating and set a $1,100.00 price objective (up from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Phillip Securities lowered Netflix from a “hold” rating to a “moderate sell” rating in a report on Friday, January 24th. Finally, Robert W. Baird increased their price target on shares of Netflix from $875.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Wednesday, January 22nd. Ten investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,016.78.

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.