Northern Trust Corp Lowers Holdings in Netflix, Inc. $NFLX

Northern Trust Corp lessened its stake in Netflix, Inc. (NASDAQ:NFLX) by 1.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,524,402 shares of the Internet television network’s stock after selling 49,604 shares during the quarter. Netflix accounts for approximately 0.6% of Northern Trust Corp’s holdings, making the stock its 24th biggest position. Northern Trust Corp’s holdings in Netflix were worth $4,219,141,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Halbert Hargrove Global Advisors LLC raised its position in Netflix by 100.0% in the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network’s stock worth $25,000 after buying an additional 13 shares during the last quarter. Brown Shipley& Co Ltd purchased a new position in Netflix in the 4th quarter worth about $27,000. Transce3nd LLC purchased a new position in Netflix in the 4th quarter worth about $32,000. Copia Wealth Management purchased a new position in Netflix in the 4th quarter worth about $37,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new position in Netflix in the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley reissued an “equal weight” rating on shares of Netflix in a research report on Monday, July 21st. Loop Capital reissued a “hold” rating on shares of Netflix in a research report on Tuesday, July 15th. TD Cowen boosted their target price on Netflix from $1,440.00 to $1,450.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $1,425.00 price target (up previously from $1,200.00) on shares of Netflix in a research report on Tuesday, July 15th. Finally, Bank of America upped their price target on shares of Netflix from $1,175.00 to $1,490.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,297.66.

Insiders Place Their Bets

In other Netflix news, Director Jay C. Hoag sold 31,750 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total value of $39,762,112.50. Following the completion of the transaction, the director directly owned 63,040 shares in the company, valued at $78,948,144. This represents a 33.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Reed Hastings sold 26,933 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,211.66, for a total value of $32,633,638.78. Following the completion of the transaction, the director owned 394 shares of the company’s stock, valued at $477,394.04. The trade was a 98.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,307 shares of company stock valued at $179,443,809. 1.37% of the stock is owned by company insiders.

Netflix Trading Up 0.7%

NFLX stock opened at $1,238.95 on Monday. Netflix, Inc. has a 1-year low of $660.80 and a 1-year high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $526.46 billion, a price-to-earnings ratio of 52.79, a PEG ratio of 2.09 and a beta of 1.59. The business has a 50 day simple moving average of $1,231.23 and a two-hundred day simple moving average of $1,103.91.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, topping the consensus estimate of $7.07 by $0.12. Netflix had a return on equity of 42.50% and a net margin of 24.58%. The business had revenue of $11.08 billion during the quarter, compared to the consensus estimate of $11.04 billion. During the same period in the prior year, the company posted $4.88 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

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.