M&T Bank Corp Cuts Stake in Netflix, Inc. (NASDAQ:NFLX)

M&T Bank Corp lowered its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,059 shares of the Internet television network’s stock after selling 942 shares during the quarter. M&T Bank Corp’s holdings in Netflix were worth $17,319,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Koshinski Asset Management Inc. raised its holdings in Netflix by 13.1% during the 2nd quarter. Koshinski Asset Management Inc. now owns 2,086 shares of the Internet television network’s stock worth $949,000 after buying an additional 242 shares during the period. Eads & Heald Wealth Management acquired a new stake in Netflix during the 2nd quarter worth about $299,000. Iberiabank Corp raised its holdings in Netflix by 63.9% during the 2nd quarter. Iberiabank Corp now owns 12,435 shares of the Internet television network’s stock worth $5,658,000 after buying an additional 4,846 shares during the period. Main Street Research LLC raised its holdings in Netflix by 20.4% during the 2nd quarter. Main Street Research LLC now owns 1,369 shares of the Internet television network’s stock worth $623,000 after buying an additional 232 shares during the period. Finally, Zweig DiMenna Associates LLC raised its holdings in Netflix by 82.0% during the 2nd quarter. Zweig DiMenna Associates LLC now owns 27,587 shares of the Internet television network’s stock worth $12,553,000 after buying an additional 12,427 shares during the period. Institutional investors and hedge funds own 82.30% of the company’s stock.

NFLX stock opened at $488.88 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.64. The business has a 50 day moving average price of $476.08 and a two-hundred day moving average price of $407.12. The company has a market cap of $214.25 billion, a price-to-earnings ratio of 82.44, a P/E/G ratio of 2.58 and a beta of 0.96. Netflix, Inc. has a twelve month low of $252.28 and a twelve month high of $575.37.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Thursday, July 16th. The Internet television network reported $1.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.81 by ($0.22). The company had revenue of $6.15 billion during the quarter, compared to the consensus estimate of $6.08 billion. Netflix had a net margin of 11.85% and a return on equity of 33.32%. During the same quarter in the prior year, the business earned $0.60 earnings per share. On average, equities research analysts anticipate that Netflix, Inc. will post 6.28 EPS for the current fiscal year.

In other news, CEO Reed Hastings sold 53,193 shares of Netflix stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $449.23, for a total transaction of $23,895,891.39. Following the completion of the transaction, the chief executive officer now directly owns 53,193 shares in the company, valued at approximately $23,895,891.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregory K. Peters sold 5,366 shares of Netflix stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $450.00, for a total value of $2,414,700.00. Following the transaction, the insider now owns 18,456 shares of the company’s stock, valued at $8,305,200. The disclosure for this sale can be found here. Insiders have sold a total of 189,612 shares of company stock valued at $90,145,458 over the last quarter. 3.40% of the stock is currently owned by corporate insiders.

NFLX has been the topic of several recent analyst reports. Wedbush boosted their price objective on Netflix from $198.00 to $220.00 and gave the stock an “underperform” rating in a report on Tuesday, July 14th. Raymond James downgraded Netflix from a “strong-buy” rating to an “outperform” rating and boosted their price objective for the stock from $415.00 to $480.00 in a report on Wednesday, April 22nd. BofA Securities lowered their target price on Netflix from $625.00 to $575.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Piper Sandler lifted their target price on Netflix from $500.00 to $534.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, BMO Capital Markets lifted their target price on Netflix from $500.00 to $625.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Six analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. Netflix presently has an average rating of “Hold” and an average price target of $483.56.

Netflix Profile

Netflix, Inc provides Internet entertainment services. The company operates in three segments: Domestic streaming, International streaming, and Domestic DVD. It offers TV series, documentaries, and feature films across various genres and languages. The company provides members the ability to receive streaming content through a host of Internet-connected screens, including TVs, digital video players, television set-top boxes, and mobile devices.

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Institutional Ownership by Quarter for Netflix (NASDAQ:NFLX)

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