Cornerstone Advisors LLC Reduces Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Cornerstone Advisors LLC lessened its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 0.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 21,400 shares of the Internet television network’s stock after selling 100 shares during the quarter. Cornerstone Advisors LLC’s holdings in Netflix were worth $14,442,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of NFLX. M&G Plc bought a new position in shares of Netflix during the first quarter valued at approximately $9,682,000. BSN CAPITAL PARTNERS Ltd boosted its holdings in shares of Netflix by 24.4% in the first quarter. BSN CAPITAL PARTNERS Ltd now owns 250,000 shares of the Internet television network’s stock valued at $155,185,000 after purchasing an additional 49,000 shares during the period. Scarborough Advisors LLC bought a new position in Netflix in the fourth quarter worth approximately $9,513,000. Scotia Capital Inc. increased its holdings in Netflix by 9.1% during the 4th quarter. Scotia Capital Inc. now owns 25,351 shares of the Internet television network’s stock worth $12,343,000 after purchasing an additional 2,110 shares during the period. Finally, Focus Financial Network Inc. ADV bought a new stake in Netflix during the 4th quarter valued at $3,700,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NFLX has been the topic of a number of recent research reports. StockNews.com raised Netflix from a “hold” rating to a “buy” rating in a research report on Sunday. Guggenheim raised their target price on shares of Netflix from $700.00 to $735.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. KeyCorp upped their price target on shares of Netflix from $707.00 to $735.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Redburn Atlantic increased their price objective on shares of Netflix from $740.00 to $760.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Sanford C. Bernstein boosted their price objective on shares of Netflix from $600.00 to $625.00 and gave the stock a “market perform” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $685.29.

Netflix Trading Up 1.5 %

Shares of Netflix stock opened at $697.06 on Monday. The stock has a market cap of $299.16 billion, a PE ratio of 48.37, a price-to-earnings-growth ratio of 1.40 and a beta of 1.26. The firm has a fifty day moving average price of $660.00 and a 200 day moving average price of $637.88. Netflix, Inc. has a 1 year low of $344.73 and a 1 year high of $711.33. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.95 and a quick ratio of 0.95.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Thursday, July 18th. The Internet television network reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.74 by $0.14. Netflix had a return on equity of 32.93% and a net margin of 19.54%. The business had revenue of $9.56 billion during the quarter, compared to analyst estimates of $9.53 billion. During the same quarter last year, the business posted $3.29 EPS. The company’s revenue was up 16.8% on a year-over-year basis. Equities research analysts predict that Netflix, Inc. will post 19.08 earnings per share for the current year.

Insider Buying and Selling at Netflix

In other news, Chairman Reed Hastings sold 22,526 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $670.49, for a total transaction of $15,103,457.74. Following the sale, the chairman now owns 57 shares of the company’s stock, valued at approximately $38,217.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Netflix news, Director Jay C. Hoag sold 43,750 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $687.07, for a total value of $30,059,312.50. Following the completion of the transaction, the director now owns 95,040 shares in the company, valued at $65,299,132.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Reed Hastings sold 22,526 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $670.49, for a total value of $15,103,457.74. Following the sale, the chairman now owns 57 shares in the company, valued at $38,217.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,798 shares of company stock valued at $129,552,672. 1.76% of the stock is owned by company insiders.

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.