Cornerstone Wealth Management LLC Increases Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Cornerstone Wealth Management LLC grew its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 4.9% during the fourth quarter, Holdings Channel reports. The firm owned 2,778 shares of the Internet television network’s stock after purchasing an additional 129 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Netflix were worth $2,476,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its position in Netflix by 116,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 5,753,129 shares of the Internet television network’s stock valued at $4,080,522,000 after purchasing an additional 5,748,200 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Netflix by 154.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,058,431 shares of the Internet television network’s stock valued at $750,713,000 after acquiring an additional 642,920 shares in the last quarter. State Street Corp lifted its stake in Netflix by 2.6% in the third quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock worth $12,023,082,000 after acquiring an additional 426,740 shares during the last quarter. Jennison Associates LLC grew its holdings in Netflix by 4.7% during the 3rd quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock worth $4,958,417,000 after acquiring an additional 316,594 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Netflix in the 3rd quarter valued at approximately $222,871,000. 80.93% of the stock is owned by hedge funds and other institutional investors.

Netflix Stock Up 3.2 %

Netflix stock opened at $984.86 on Friday. Netflix, Inc. has a 1-year low of $537.07 and a 1-year high of $999.00. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.22 and a quick ratio of 1.13. The stock’s 50 day moving average price is $889.11 and its 200 day moving average price is $763.41. The company has a market cap of $420.99 billion, a PE ratio of 49.67, a price-to-earnings-growth ratio of 1.53 and a beta of 1.27.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.20 by $0.07. The company had revenue of $10.25 billion during the quarter, compared to the consensus estimate of $10,141,900 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the firm earned $2.11 EPS. On average, sell-side analysts predict that Netflix, Inc. will post 23.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NFLX has been the subject of several recent analyst reports. Citigroup lifted their price objective on shares of Netflix from $725.00 to $920.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. KeyCorp raised their target price on Netflix from $1,000.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Wednesday. Guggenheim boosted their target price on Netflix from $950.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Netflix from $1,000.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Piper Sandler restated an “overweight” rating and set a $1,100.00 price objective (up previously from $950.00) on shares of Netflix in a research report on Wednesday. Ten analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Netflix presently has an average rating of “Moderate Buy” and an average target price of $996.94.

Insiders Place Their Bets

In other news, Director Timothy M. Haley sold 11,090 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $757.96, for a total value of $8,405,776.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard N. Barton sold 6,364 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $879.38, for a total value of $5,596,374.32. Following the completion of the sale, the director now owns 246 shares in the company, valued at $216,327.48. This represents a 96.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,500 shares of company stock worth $123,309,210. Insiders own 1.76% of the company’s stock.

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.