Manchester Financial Inc. Cuts Stake in Netflix, Inc. $NFLX

by · The Markets Daily

Manchester Financial Inc. reduced its stake in Netflix, Inc. (NASDAQ:NFLX – Free Report) by 25.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 178 shares of the Internet television network’s stock after selling 61 shares during the quarter. Manchester Financial Inc.’s holdings in Netflix were worth $238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NFLX. Nuveen LLC purchased a new position in shares of Netflix in the 1st quarter worth about $2,385,585,000. Kingstone Capital Partners Texas LLC lifted its holdings in Netflix by 343,058.2% during the second quarter. Kingstone Capital Partners Texas LLC now owns 2,463,876 shares of the Internet television network’s stock valued at $3,299,450,000 after purchasing an additional 2,463,158 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Netflix by 57.3% during the first quarter. Goldman Sachs Group Inc. now owns 3,393,064 shares of the Internet television network’s stock valued at $3,164,134,000 after purchasing an additional 1,236,251 shares during the last quarter. Amundi lifted its holdings in Netflix by 37.7% during the first quarter. Amundi now owns 2,070,221 shares of the Internet television network’s stock valued at $1,898,496,000 after purchasing an additional 567,251 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Netflix by 1.4% during the first quarter. Vanguard Group Inc. now owns 37,997,260 shares of the Internet television network’s stock valued at $35,433,585,000 after purchasing an additional 509,255 shares during the last quarter. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Trading Up 1.3%

Shares of NFLX opened at $1,199.36 on Friday. The business’s 50-day moving average price is $1,213.47 and its 200-day moving average price is $1,175.91. Netflix, Inc. has a twelve month low of $736.23 and a twelve month high of $1,341.15. The stock has a market cap of $509.64 billion, a PE ratio of 51.10, a P/E/G ratio of 1.99 and a beta of 1.59. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.58.

Netflix (NASDAQ:NFLX – Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $11.04 billion. During the same period in the prior year, the business posted $4.88 earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts forecast that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NFLX has been the topic of several recent research reports. Wedbush reaffirmed an “outperform” rating on shares of Netflix in a report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating on shares of Netflix in a report on Tuesday. Phillip Securities downgraded shares of Netflix from a “hold” rating to a “strong sell” rating in a report on Monday, July 21st. Citigroup reaffirmed a “neutral” rating and set a $1,295.00 price objective (up from $1,280.00) on shares of Netflix in a report on Friday, October 3rd. Finally, Robert W. Baird upped their price objective on shares of Netflix from $1,300.00 to $1,500.00 and gave the company an “outperform” rating in a report on Monday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,339.81.

View Our Latest Research Report on NFLX

Insider Activity

In related news, CEO Gregory K. Peters sold 2,026 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $1,157.44, for a total value of $2,344,973.44. Following the transaction, the chief executive officer directly owned 12,781 shares in the company, valued at approximately $14,793,240.64. This represents a 13.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Theodore A. Sarandos sold 2,026 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $1,160.62, for a total transaction of $2,351,416.12. Following the completion of the transaction, the chief executive officer owned 15,168 shares in the company, valued at approximately $17,604,284.16. This trade represents a 11.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,100 shares of company stock valued at $122,710,980. 1.37% of the stock is currently owned by insiders.

Netflix Profile

(Free Report)

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.

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