Netflix, Inc. $NFLX Stock Purchased by Brighton Jones LLC

Brighton Jones LLC increased its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 17.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,422 shares of the Internet television network’s stock after buying an additional 15,724 shares during the quarter. Brighton Jones LLC’s holdings in Netflix were worth $7,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Netflix during the second quarter worth about $24,902,221,000. State Street Corp raised its position in shares of Netflix by 4.9% in the 2nd quarter. State Street Corp now owns 180,129,582 shares of the Internet television network’s stock valued at $12,861,252,000 after purchasing an additional 8,474,820 shares during the last quarter. Bank of America Corp DE raised its position in shares of Netflix by 4.3% in the 1st quarter. Bank of America Corp DE now owns 57,942,812 shares of the Internet television network’s stock valued at $5,571,201,000 after purchasing an additional 2,376,349 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Netflix in the 2nd quarter valued at approximately $1,906,482,000. Finally, Legal & General Group Plc acquired a new stake in Netflix in the 2nd quarter worth approximately $1,886,526,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Netflix ordered Other Worlds: A Stranger Things Adventure, a live-action prequel series. Extending a popular franchise could support viewer engagement, though the financial impact and timing are not yet clear. Article: Stranger Things prequel series
• Positive Sentiment: A valuation analysis argues NFLX could be undervalued, estimating about 23% upside to fair value. This offers a counterpoint to recent weakness, but is an analyst view rather than a company announcement. Article: Netflix stock fair-value analysis
• Neutral Sentiment: CEO Ted Sarandos and CFO Spencer Neumann disclosed share sales, but the transactions were made to cover tax withholding on vested equity awards. That stated purpose makes them a less clear signal about management’s view of the stock. Article: Netflix insider share sales
• Negative Sentiment: Coverage noted NFLX slipping even with the new Stranger Things plans, suggesting the content announcement has not eased near-term selling pressure. The shares are also near their 52-week low and far below their 52-week high, reflecting a weak recent trend. Article: Netflix stock slips despite new Stranger Things plans

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Bank of America dropped their target price on shares of Netflix from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, October 21st. Rothschild & Co Redburn cut their price target on shares of Netflix from $120.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Stephens started coverage on shares of Netflix in a report on Friday, July 17th. They issued an “overweight” rating for the company. CICC Research lowered their price objective on shares of Netflix from $110.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Finally, Piper Sandler reissued an “overweight” rating and set a $78.00 price objective (down from $85.00) on shares of Netflix in a report on Wednesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, seventeen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.14.

Insider Buying and Selling at Netflix

In other news, CEO Theodore Sarandos sold 27,312 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $66.20, for a total value of $1,808,054.40. Following the sale, the chief executive officer directly owned 178,954 shares of the company’s stock, valued at $11,846,754.80. This represents a 13.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Spencer Neumann sold 9,253 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $66.15, for a total transaction of $612,085.95. Following the completion of the sale, the chief financial officer owned 73,787 shares in the company, valued at $4,881,010.05. The trade was a 11.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 70,960 shares of company stock worth $4,752,050. Corporate insiders own 1.24% of the company’s stock.

Netflix Trading Down 3.3%

Netflix stock opened at $63.41 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.43. Netflix, Inc. has a 52 week low of $61.39 and a 52 week high of $116.73. The company has a market capitalization of $260.38 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 0.93 and a beta of 1.62. The stock has a 50-day moving average price of $71.03 and a 200 day moving average price of $80.97.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Tuesday, October 20th. The Internet television network reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.05. Netflix had a net margin of 29.69% and a return on equity of 42.69%. The company had revenue of $12.87 billion for the quarter, compared to the consensus estimate of $12.87 billion. During the same quarter in the prior year, the company earned $0.59 EPS. Netflix’s quarterly revenue was up 11.9% on a year-over-year basis. Sell-side analysts anticipate that Netflix, Inc. will post 3.59 EPS for the current year.

Netflix Profile

Netflix, Inc is an entertainment company that offers subscription-based streaming of television series, films, documentaries and other programming. Its service also includes mobile games and, in some markets, advertising-supported viewing plans. Netflix produces and licenses content, including titles made under its Netflix brand.

Founded in 1997 by Reed Hastings and Marc Randolph as a DVD-by-mail rental business, the company launched its streaming service in 2007 and later expanded into original programming.