NewEdge Wealth LLC Has $47.80 Million Stock Holdings in Netflix, Inc. $NFLX

NewEdge Wealth LLC boosted its position in Netflix, Inc. (NASDAQ:NFLX) by 133.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 497,157 shares of the Internet television network’s stock after buying an additional 284,456 shares during the quarter. NewEdge Wealth LLC’s holdings in Netflix were worth $47,802,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of NFLX. Pacific Sun Financial Corp boosted its stake in Netflix by 1.6% during the third quarter. Pacific Sun Financial Corp now owns 574 shares of the Internet television network’s stock worth $688,000 after buying an additional 9 shares in the last quarter. Beaird Harris Wealth Management LLC raised its stake in shares of Netflix by 9.6% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 114 shares of the Internet television network’s stock valued at $137,000 after buying an additional 10 shares in the last quarter. Monograph Wealth Advisors LLC lifted its holdings in shares of Netflix by 1.8% during the 2nd quarter. Monograph Wealth Advisors LLC now owns 682 shares of the Internet television network’s stock worth $913,000 after acquiring an additional 12 shares during the period. Resources Management Corp CT ADV lifted its holdings in shares of Netflix by 2.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 829 shares of the Internet television network’s stock worth $1,110,000 after acquiring an additional 16 shares during the period. Finally, Sompo Asset Management Co. Ltd. boosted its position in shares of Netflix by 1.4% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 1,500 shares of the Internet television network’s stock valued at $2,009,000 after acquiring an additional 20 shares in the last quarter. Institutional investors own 80.93% of the company’s stock.

Netflix Trading Down 0.2%

Shares of NFLX opened at $68.53 on Thursday. The stock’s fifty day simple moving average is $79.04 and its 200-day simple moving average is $86.31. The firm has a market capitalization of $285.35 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 0.86 and a beta of 1.52. Netflix, Inc. has a 12-month low of $65.08 and a 12-month high of $126.71. The company has a quick ratio of 1.41, a current ratio of 1.14 and a debt-to-equity ratio of 0.39.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. The company had revenue of $12.56 billion for the quarter, compared to the consensus estimate of $12.58 billion. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 EPS. As a group, research analysts predict that Netflix, Inc. will post 3.59 earnings per share for the current year.

Insider Buying and Selling at Netflix

In related news, Director Reed Hastings sold 386,700 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $85.97, for a total value of $33,244,599.00. Following the transaction, the director directly owned 3,940 shares in the company, valued at $338,721.80. This represents a 98.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gregory K. Peters sold 27,312 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $88.69, for a total transaction of $2,422,301.28. Following the completion of the transaction, the chief executive officer directly owned 120,931 shares in the company, valued at approximately $10,725,370.39. The trade was a 18.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 899,839 shares of company stock valued at $80,141,661 over the last 90 days. Company insiders own 1.24% of the company’s stock.

Key Headlines Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Negative Sentiment: Netflix’s Q2 results beat EPS expectations, but revenue came in slightly below consensus and management signaled growth could slow to around 12% in Q3, raising concerns about momentum. Netflix Has Plummeted Over the Past Year and Just Dropped Again on Earnings. At 22 Times Profits, Is It a Buy?
• Negative Sentiment: Investors are also reacting to a “valuation reset” and weaker transparency after Netflix said it will report key viewership metrics less often, making it harder to measure progress. Is Netflix Asking Investors To Trust A Story It Will No Longer Tell?
• Negative Sentiment: The selloff has been amplified by bearish calls and articles arguing that sentiment remains weak, with some analysts saying the stock still has room to fall despite the recent drop. ‘Scratching the Surface,’ Says Top Investor About Netflix Stock
• Negative Sentiment: Netflix also completed a $1 billion senior notes offering to refinance debt, which is financially prudent but may reinforce the market’s focus on capital structure rather than growth. Netflix Issues $1 Billion Senior Notes to Refinance Debt

Analysts Set New Price Targets

A number of research firms have weighed in on NFLX. Seaport Research Partners downgraded Netflix from a “buy” rating to a “neutral” rating in a report on Monday. HSBC increased their target price on Netflix from $106.00 to $114.00 and gave the stock a “buy” rating in a report on Friday, April 10th. Deutsche Bank Aktiengesellschaft set a $110.00 target price on Netflix in a research report on Monday. Jefferies Financial Group decreased their price target on Netflix from $128.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. Finally, Bank of America reiterated a “buy” rating and issued a $125.00 price target on shares of Netflix in a research report on Monday, May 18th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.48.

About Netflix

Netflix, Inc (NASDAQ: NFLX) is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.

The company’s primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.