Weatherly Asset Management Reduces Netflix Holdings

Weatherly Asset Management L. P. has decreased its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 2.3% during the third quarter, as indicated in its latest filing with the Securities and Exchange Commission (SEC). After selling 1,083 shares in the recent quarter, the fund now owns 46,778 shares of the popular streaming service. Netflix represents roughly 2.9% of Weatherly Asset Management's total investment portfolio, making it the fund's fifth-largest holding. As of the most recent reporting period, the value of Weatherly Asset Management's Netflix shares stood at approximately $33.18 million.

Institutional Investors' Activity

Other institutional investors have also adjusted their positions in Netflix lately. For instance, Denver PWM LLC established a new investment in Netflix shares during the second quarter, with a value of about $25,000. Additionally, Proffitt & Goodson Inc. significantly increased its holdings by 380% in the same quarter, now owning 48 shares worth $32,000 after acquiring 38 more shares. Furthermore, E Fund Management Hong Kong Co. Ltd. raised its stake in Netflix by an impressive 700% during the third quarter, owning 48 shares valued at $34,000. AlphaMark Advisors LLC also escalated its position in Netflix by 642.9% during the second quarter, bringing its total to 52 shares worth $35,000 after an additional purchase of 45 shares. Finally, Triad Wealth Partners LLC entered a new position in Netflix in the second quarter, valued at approximately $38,000. Currently, around 80.93% of Netflix's stock is held by institutional investors and hedge funds.

Recent Analyst Ratings Changes

Netflix has been the focus of various analyst evaluations recently. On October 17th, Wedbush upgraded its price target for Netflix from $725.00 to $775.00 and assigned an "overweight" rating. Following this, Bank of America increased its target price from $740.00 to $800.00 while maintaining a "buy" rating on October 18th. Oppenheimer also raised its price target for Netflix from $775.00 to $825.00, issuing an "outperform" rating the same day. Additionally, KeyCorp adjusted its price target upward from $760.00 to $785.00, reiterating an "overweight" rating. Lastly, Macquarie confirmed an "outperform" rating with a price target of $795.00 on October 18th. Among analysts, two have rated Netflix as a sell, nine have given it a hold rating, and twenty-five have advised buy ratings, leading to an overall average rating of "Moderate Buy" with a consensus target price of $748.15 according to MarketBeat data.

Current Stock Performance of Netflix

On Friday, NFLX opened at $756.10. Netflix has reached a 1-year low of $417.10 and a high of $773.00. The company boasts a market cap of $323.20 billion, with a price-to-earnings ratio of 42.79, a PEG ratio of 1.45, and a beta of 1.26. Netflix’s fifty-day moving average stands at $712.96 while the two-hundred-day moving average is at $664.02. The company reports a current ratio and quick ratio both at 1.13 and a debt-to-equity ratio of 0.62.

Insider Trading Activities

In insider trading news, Director Richard N. Barton sold 5,698 shares of Netflix on October 25th at an average price of $756.00, resulting in a transaction worth $4,307,688. Following this sale, Barton retained 246 shares valued at approximately $185,976, indicating no change in ownership percentage. This sale was formally announced in a filing submitted to the SEC. Additionally, Chairman Reed Hastings sold 45,290 shares on October 1st at an average price of $706.16, totaling $31,981,986.40. Post-transaction, Hastings holds 85 shares valued at around $60,023.60, which similarly represents no change in percentage ownership. In total, insiders have offloaded 209,810 shares worth approximately $142,049,542 in the last quarter, and insiders collectively hold about 1.76% of the company’s stock.

Company Overview

Netflix, Inc. provides various entertainment services, including television series, documentaries, feature films, and gaming across numerous genres and languages. The company allows its members to stream content through a wide range of connected devices, including televisions, digital video players, and mobile devices.

Weatherly, Netflix, Investments