Netflix, Inc. (NASDAQ:NFLX) Position Reduced by Red Door Wealth Management LLC

Red Door Wealth Management LLC cut its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 5.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,826 shares of the Internet television network’s stock after selling 160 shares during the quarter. Red Door Wealth Management LLC’s holdings in Netflix were worth $1,716,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of NFLX. Norges Bank acquired a new position in shares of Netflix in the 4th quarter valued at about $2,558,598,000. Wellington Management Group LLP increased its holdings in shares of Netflix by 540.9% in the 4th quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock valued at $1,888,503,000 after purchasing an additional 3,273,592 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Netflix by 15,039.1% in the 4th quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock valued at $1,010,553,000 after purchasing an additional 2,061,859 shares during the period. Jennison Associates LLC increased its holdings in shares of Netflix by 40.6% in the 4th quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock valued at $2,654,602,000 after purchasing an additional 1,573,978 shares during the period. Finally, Global Assets Advisory LLC acquired a new position in shares of Netflix in the 1st quarter valued at about $436,514,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Netflix news, Chairman Reed Hastings sold 18,361 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $551.54, for a total transaction of $10,126,825.94. Following the completion of the transaction, the chairman now directly owns 28 shares in the company, valued at $15,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Netflix news, Chairman Reed Hastings sold 18,361 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $551.54, for a total transaction of $10,126,825.94. Following the completion of the transaction, the chairman now directly owns 28 shares in the company, valued at $15,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anne M. Sweeney sold 633 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $560.00, for a total value of $354,480.00. The disclosure for this sale can be found here. Insiders sold a total of 69,425 shares of company stock valued at $41,919,791 over the last ninety days. 1.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NFLX has been the topic of a number of research reports. Piper Sandler upped their target price on Netflix from $550.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Jefferies Financial Group restated a “buy” rating and issued a $655.00 price objective on shares of Netflix in a report on Wednesday, May 15th. Canaccord Genuity Group restated a “hold” rating and issued a $585.00 price objective (down previously from $720.00) on shares of Netflix in a report on Friday, April 19th. CICC Research initiated coverage on Netflix in a report on Thursday, May 2nd. They issued an “outperform” rating and a $650.00 price objective on the stock. Finally, Wells Fargo & Company increased their price objective on Netflix from $650.00 to $726.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $633.53.

Netflix Stock Performance

NFLX stock traded down $9.46 during midday trading on Friday, hitting $674.88. The stock had a trading volume of 3,412,391 shares, compared to its average volume of 2,746,538. The firm has a market capitalization of $290.87 billion, a price-to-earnings ratio of 46.83, a P/E/G ratio of 1.46 and a beta of 1.26. Netflix, Inc. has a 52 week low of $344.73 and a 52 week high of $689.88. The stock has a 50-day simple moving average of $628.93 and a 200 day simple moving average of $584.34. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, topping the consensus estimate of $4.51 by $0.77. The firm had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a return on equity of 29.62% and a net margin of 18.42%. Netflix’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the business earned $2.88 earnings per share. As a group, equities research analysts anticipate that Netflix, Inc. will post 18.31 earnings per share for the current 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.