Weaver Capital Management LLC Sells 7,970 Shares of Netflix, Inc. $NFLX

Weaver Capital Management LLC lessened its stake in Netflix, Inc. (NASDAQ:NFLX) by 19.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 33,896 shares of the Internet television network’s stock after selling 7,970 shares during the quarter. Weaver Capital Management LLC’s holdings in Netflix were worth $2,358,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Netflix in the 2nd quarter worth approximately $24,902,221,000. State Street Corp boosted its holdings in shares of Netflix by 4.9% in the second quarter. State Street Corp now owns 180,129,582 shares of the Internet television network’s stock valued at $12,861,252,000 after acquiring an additional 8,474,820 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Netflix by 4.3% in the first quarter. Bank of America Corp DE now owns 57,942,812 shares of the Internet television network’s stock valued at $5,571,201,000 after acquiring an additional 2,376,349 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Netflix by 835.9% in the fourth quarter. Invesco Ltd. now owns 43,462,696 shares of the Internet television network’s stock valued at $4,075,062,000 after acquiring an additional 38,818,947 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Netflix during the second quarter valued at approximately $1,906,482,000. Institutional investors and hedge funds own 80.93% of the company’s stock.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Jefferies initiated coverage with a Buy rating and an $85 price target, citing potential revenue support from subscription-price increases and advertising. Netflix stock gets bullish analyst call ahead of next week’s earnings
• Positive Sentiment: Netflix named former Disney and Fox executive Peter Rice as chief content officer, replacing Bela Bajaria. Rice’s experience could help Netflix improve its content strategy and viewer engagement as competition intensifies. Netflix names former Disney executive Rice as new content chief
• Neutral Sentiment: Netflix will release third-quarter results on October 20. Wall Street estimates for revenue, earnings and operating metrics may drive volatility as investors look for evidence that pricing, advertising and content investments are offsetting weaker engagement. Ahead of Netflix Q3 earnings
• Negative Sentiment: Netflix is eliminating roughly 1,000 positions, or 6% of its workforce, its largest reduction since 2022. Management described the move as a resource-allocation and efficiency effort, but investors may view it as evidence of slowing growth and pressure to control costs. Netflix is laying off roughly 6% of its workforce
• Negative Sentiment: Reports citing app data indicate U.S. churn has risen and viewing engagement has weakened. Those trends raise questions about Netflix’s ability to retain subscribers amid competition from other streaming services, YouTube and creator-led video. Netflix warning signs ahead of Q3 earnings

Analysts Set New Price Targets

NFLX has been the topic of several recent analyst reports. CLSA initiated coverage on Netflix in a report on Monday, July 20th. They set an “outperform” rating on the stock. Huber Research downgraded Netflix from a “buy” rating to an “underweight” rating in a research report on Tuesday. China Renaissance decreased their price target on Netflix from $100.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, July 17th. Evercore reiterated an “outperform” rating and set a $110.00 price target (up from $100.00) on shares of Netflix in a research report on Monday, September 14th. Finally, New Street Research lifted their price target on Netflix from $96.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Netflix Stock Performance

Shares of NFLX opened at $72.61 on Friday. The firm’s 50 day moving average is $75.25 and its 200-day moving average is $80.73. The stock has a market capitalization of $302.34 billion, a P/E ratio of 22.85, a P/E/G ratio of 1.00 and a beta of 1.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 1.14. Netflix, Inc. has a 12-month low of $65.08 and a 12-month high of $124.86.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, July 16th. The Internet television network reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The business had revenue of $12.56 billion for the quarter, compared to the consensus estimate of $12.58 billion. During the same period in the previous year, the firm earned $0.72 EPS. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts anticipate that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Insider Activity

In other Netflix news, Director Richard N. Barton sold 720 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $75.27, for a total value of $54,194.40. Following the transaction, the director owned 2,460 shares of the company’s stock, valued at approximately $185,164.20. This represents a 22.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Theodore A. Sarandos sold 27,312 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $73.35, for a total value of $2,003,335.20. Following the completion of the transaction, the chief executive officer directly owned 178,954 shares in the company, valued at $13,126,275.90. This represents a 13.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 179,045 shares of company stock valued at $13,132,194 in the last ninety days. 1.24% of the stock is owned by company insiders.

About Netflix

Netflix, Inc (NASDAQ:NFLX) is a global entertainment company that operates a subscription-based streaming service. It offers a broad range of television series, films, documentaries, and other programming, including original productions developed under the Netflix brand and licensed content from third-party studios.

The company also provides advertising-supported viewing options in some markets and has expanded into related entertainment categories, including mobile and cloud-based games, live programming, and consumer products associated with selected titles.