Edgewood Management LLC Sells 330,079 Shares of Netflix, Inc. (NASDAQ:NFLX)

Edgewood Management LLC trimmed its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 8.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,629,970 shares of the Internet television network’s stock after selling 330,079 shares during the quarter. Netflix makes up 6.9% of Edgewood Management LLC’s holdings, making the stock its biggest holding. Edgewood Management LLC owned approximately 0.85% of Netflix worth $2,574,629,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. increased its holdings in shares of Netflix by 10.2% during the first quarter. Advisors Asset Management Inc. now owns 5,092 shares of the Internet television network’s stock valued at $3,093,000 after acquiring an additional 471 shares in the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Netflix by 24.8% during the first quarter. Westwood Holdings Group Inc. now owns 3,570 shares of the Internet television network’s stock valued at $2,168,000 after acquiring an additional 710 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in shares of Netflix by 2.1% during the first quarter. Gamco Investors INC. ET AL now owns 20,420 shares of the Internet television network’s stock valued at $12,402,000 after acquiring an additional 413 shares in the last quarter. Epoch Investment Partners Inc. bought a new stake in shares of Netflix during the first quarter valued at approximately $260,000. Finally, Lazard Asset Management LLC boosted its position in shares of Netflix by 35.0% during the first quarter. Lazard Asset Management LLC now owns 128,449 shares of the Internet television network’s stock valued at $78,010,000 after buying an additional 33,269 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Loop Capital lifted their target price on Netflix from $750.00 to $800.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Oppenheimer lifted their target price on Netflix from $775.00 to $825.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Benchmark reaffirmed a “sell” rating and set a $545.00 target price on shares of Netflix in a research report on Tuesday, October 15th. Wedbush reaffirmed an “outperform” rating and set a $950.00 target price (up previously from $800.00) on shares of Netflix in a research report on Monday. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $825.00 target price (up previously from $770.00) on shares of Netflix in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $764.82.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 267 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $765.67, for a total value of $204,433.89. Following the completion of the transaction, the insider now directly owns 31,610 shares in the company, valued at approximately $24,202,828.70. This represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy M. Haley sold 11,090 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $757.96, for a total value of $8,405,776.40. The disclosure for this sale can be found here. In the last three months, insiders sold 185,866 shares of company stock worth $133,393,921. 1.76% of the stock is currently owned by corporate insiders.

Netflix Price Performance

Shares of NASDAQ NFLX opened at $896.05 on Friday. The firm has a market capitalization of $383.03 billion, a P/E ratio of 50.71, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $751.39 and its two-hundred day simple moving average is $688.25. Netflix, Inc. has a twelve month low of $445.73 and a twelve month high of $908.00.

Netflix (NASDAQ:NFLX) last announced its earnings results on Thursday, October 17th. The Internet television network reported $5.40 earnings per share for the quarter, topping analysts’ consensus estimates of $5.09 by $0.31. The business had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.77 billion. Netflix had a return on equity of 35.86% and a net margin of 20.70%. As a group, equities analysts anticipate that Netflix, Inc. will post 19.78 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.