Welch & Forbes LLC Cuts Holdings in Netflix, Inc. (NASDAQ:NFLX)

Welch & Forbes LLC lessened its stake in Netflix, Inc. (NASDAQ:NFLX) by 31.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 660 shares of the Internet television network’s stock after selling 301 shares during the period. Welch & Forbes LLC’s holdings in Netflix were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in NFLX. Parkside Financial Bank & Trust boosted its stake in shares of Netflix by 5.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 529 shares of the Internet television network’s stock valued at $189,000 after purchasing an additional 27 shares in the last quarter. Investment House LLC boosted its stake in shares of Netflix by 3.1% in the 1st quarter. Investment House LLC now owns 954 shares of the Internet television network’s stock valued at $340,000 after purchasing an additional 29 shares in the last quarter. Dixon Hubard Feinour & Brown Inc. VA boosted its position in Netflix by 0.4% during the 1st quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,290 shares of the Internet television network’s stock valued at $2,599,000 after buying an additional 30 shares during the period. Harfst & Associates Inc. boosted its position in Netflix by 3.5% during the 1st quarter. Harfst & Associates Inc. now owns 992 shares of the Internet television network’s stock valued at $353,000 after buying an additional 34 shares during the period. Finally, WESPAC Advisors SoCal LLC boosted its position in Netflix by 1.9% during the 1st quarter. WESPAC Advisors SoCal LLC now owns 1,910 shares of the Internet television network’s stock valued at $681,000 after buying an additional 35 shares during the period. 77.06% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have weighed in on NFLX shares. Needham & Company LLC reissued a “hold” rating on shares of Netflix in a research report on Friday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $400.00 price target on shares of Netflix in a research report on Monday, April 8th. BidaskClub raised shares of Netflix from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. Raymond James dropped their price target on shares of Netflix from $470.00 to $450.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 18th. Finally, Oppenheimer dropped their price target on shares of Netflix from $425.00 to $410.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $390.47.

Shares of Netflix stock traded down $7.15 during trading on Friday, hitting $312.35. The company’s stock had a trading volume of 140,632 shares, compared to its average volume of 9,089,908. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.85 and a quick ratio of 0.85. The business’s fifty day moving average price is $354.03. The firm has a market capitalization of $139.89 billion, a P/E ratio of 116.51, a PEG ratio of 3.31 and a beta of 1.26. Netflix, Inc. has a 52 week low of $231.23 and a 52 week high of $386.80.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Wednesday, July 17th. The Internet television network reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The company had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.93 billion. Netflix had a net margin of 6.53% and a return on equity of 20.88%. Netflix’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period last year, the business earned $0.85 EPS. As a group, equities research analysts anticipate that Netflix, Inc. will post 3.28 EPS for the current fiscal year.

In related news, CEO Reed Hastings sold 57,414 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $348.88, for a total value of $20,030,596.32. Following the completion of the transaction, the chief executive officer now directly owns 57,414 shares in the company, valued at approximately $20,030,596.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ann Mather sold 1,208 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $375.00, for a total transaction of $453,000.00. Following the completion of the transaction, the director now owns 357 shares of the company’s stock, valued at $133,875. The disclosure for this sale can be found here. Over the last quarter, insiders sold 165,862 shares of company stock valued at $56,966,404. 4.29% of the stock is owned by company insiders.

About Netflix

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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