West Tower Group LLC Trims Position in Netflix, Inc. $NFLX

West Tower Group LLC lessened its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 60.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 200 shares of the Internet television network’s stock after selling 300 shares during the quarter. West Tower Group LLC’s holdings in Netflix were worth $268,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Resurgent Financial Advisors LLC increased its position in Netflix by 234.4% during the first quarter. Resurgent Financial Advisors LLC now owns 1,010 shares of the Internet television network’s stock valued at $942,000 after acquiring an additional 708 shares during the last quarter. MRA Advisory Group increased its position in Netflix by 28.4% in the second quarter. MRA Advisory Group now owns 919 shares of the Internet television network’s stock worth $1,231,000 after buying an additional 203 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Netflix by 42.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 441,861 shares of the Internet television network’s stock worth $412,059,000 after buying an additional 130,946 shares in the last quarter. Sava Infond d.o.o. increased its position in Netflix by 25.1% in the second quarter. Sava Infond d.o.o. now owns 1,495 shares of the Internet television network’s stock worth $2,002,000 after buying an additional 300 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. increased its position in Netflix by 1.4% in the second quarter. McGlone Suttner Wealth Management Inc. now owns 989 shares of the Internet television network’s stock worth $1,324,000 after buying an additional 14 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Activity at Netflix

In related news, insider David A. Hyman sold 424 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $1,158.67, for a total transaction of $491,276.08. Following the completion of the transaction, the insider directly owned 31,610 shares of the company’s stock, valued at approximately $36,625,558.70. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Theodore A. Sarandos sold 2,026 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $1,160.62, for a total value of $2,351,416.12. Following the transaction, the chief executive officer directly owned 15,168 shares of the company’s stock, valued at approximately $17,604,284.16. The trade was a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 104,100 shares of company stock valued at $122,710,980 in the last 90 days. 1.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on NFLX shares. Canaccord Genuity Group restated a “buy” rating on shares of Netflix in a research report on Thursday, July 10th. Piper Sandler upped their price target on Netflix from $1,400.00 to $1,500.00 and gave the stock an “overweight” rating in a research report on Friday, July 18th. Loop Capital upgraded Netflix from a “hold” rating to a “buy” rating and upped their price target for the stock from $1,150.00 to $1,350.00 in a research report on Wednesday, September 17th. Wedbush restated an “outperform” rating on shares of Netflix in a research report on Wednesday. Finally, Phillip Securities cut Netflix from a “hold” rating to a “strong sell” rating in a research report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,339.81.

Netflix Stock Performance

NASDAQ:NFLX opened at $1,199.36 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.58. Netflix, Inc. has a 12-month low of $736.23 and a 12-month high of $1,341.15. The stock has a 50-day moving average price of $1,213.47 and a 200 day moving average price of $1,179.41. The stock has a market capitalization of $509.64 billion, a P/E ratio of 51.10, a P/E/G ratio of 2.02 and a beta of 1.59.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share (EPS) 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 firm had revenue of $11.08 billion during the quarter, compared to analysts’ expectations of $11.04 billion. During the same quarter last year, the business posted $4.88 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. Equities research analysts forecast 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.