Netflix (NFLX) Trading Down 1.1% Following Insider Selling
Shares of Netflix, Inc. (NASDAQ:NFLX) dropped 1.1% on Thursday following insider selling activity. The company traded as low as $335.83 and last traded at $344.58. Approximately 363,642 shares traded hands during trading, a decline of 96% from the average daily volume of 9,058,775 shares. The stock had previously closed at $348.30.
Specifically, CEO Reed Hastings sold 79,800 shares of the stock in a transaction on Wednesday, June 20th. The stock was sold at an average price of $415.15, for a total value of $33,128,970.00. Following the sale, the chief executive officer now directly owns 79,800 shares of the company’s stock, valued at $33,128,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David B. Wells sold 1,000 shares of the stock in a transaction on Monday, June 11th. The stock was sold at an average price of $361.88, for a total value of $361,880.00. Following the completion of the sale, the chief financial officer now directly owns 722 shares in the company, valued at $261,277.36. The disclosure for this sale can be found here. Insiders have sold 414,830 shares of company stock worth $151,827,994 over the last 90 days. 4.29% of the stock is currently owned by company insiders.
NFLX has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $360.00 target price on shares of Netflix in a research report on Friday, June 1st. UBS Group lowered Netflix from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $425.00 to $237.00 in a research report on Wednesday, July 11th. Goldman Sachs Group reaffirmed a “$375.13” rating and issued a $470.00 target price on shares of Netflix in a research report on Wednesday, July 18th. Atlantic Securities reaffirmed a “buy” rating and issued a $413.00 target price on shares of Netflix in a research report on Monday, September 3rd. Finally, SunTrust Banks increased their target price on Netflix from $270.00 to $415.00 and gave the stock a “hold” rating in a research report on Friday, July 13th. Five analysts have rated the stock with a sell rating, sixteen have issued a hold rating and thirty have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $349.29.
Netflix (NASDAQ:NFLX) last released its earnings results on Monday, July 16th. The Internet television network reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.94 billion. Netflix had a return on equity of 25.66% and a net margin of 7.13%. Netflix’s revenue was up 40.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share. research analysts predict that Netflix, Inc. will post 2.67 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in NFLX. FMR LLC grew its holdings in Netflix by 6.1% during the second quarter. FMR LLC now owns 26,511,408 shares of the Internet television network’s stock worth $10,377,360,000 after acquiring an additional 1,534,290 shares during the period. BlackRock Inc. grew its holdings in Netflix by 4.2% during the first quarter. BlackRock Inc. now owns 26,816,614 shares of the Internet television network’s stock worth $7,920,289,000 after acquiring an additional 1,069,420 shares during the period. Cornerstone Wealth Management LLC grew its holdings in Netflix by 39,296.1% during the second quarter. Cornerstone Wealth Management LLC now owns 929,355 shares of the Internet television network’s stock worth $2,334,000 after acquiring an additional 926,996 shares during the period. Summit Trail Advisors LLC grew its holdings in Netflix by 49,540.2% during the first quarter. Summit Trail Advisors LLC now owns 907,422 shares of the Internet television network’s stock worth $907,000 after acquiring an additional 905,594 shares during the period. Finally, Baillie Gifford & Co. grew its holdings in Netflix by 12.0% during the first quarter. Baillie Gifford & Co. now owns 7,794,760 shares of the Internet television network’s stock worth $2,302,183,000 after acquiring an additional 837,285 shares during the period. 73.76% of the stock is currently owned by hedge funds and other institutional investors.
About Netflix (NASDAQ:NFLX)
Netflix, Inc, an Internet television network, engages in the Internet delivery of television (TV) shows and movies on various Internet-connected screens. It operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD. The company offers TV shows and movies, including original series, documentaries, and feature films.
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