Netflix, Inc. (NFLX) Stake Boosted by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. lifted its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 40.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,516 shares of the Internet television network’s stock after purchasing an additional 2,150 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Netflix were worth $1,123,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Horseman Capital Management Ltd acquired a new position in shares of Netflix during the 2nd quarter worth $896,000. Cedar Capital LLC grew its stake in shares of Netflix by 26.3% during the 2nd quarter. Cedar Capital LLC now owns 1,981 shares of the Internet television network’s stock worth $296,000 after purchasing an additional 412 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Netflix by 2.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,860 shares of the Internet television network’s stock worth $875,000 after purchasing an additional 124 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Netflix by 2.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 51,964 shares of the Internet television network’s stock worth $7,763,000 after purchasing an additional 1,346 shares during the period. Finally, Cipher Capital LP acquired a new position in shares of Netflix during the 2nd quarter worth $845,000. 81.05% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Gregory K. Peters sold 12,768 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $177.38, for a total value of $2,264,787.84. Following the sale, the insider now directly owns 19,208 shares of the company’s stock, valued at $3,407,115.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard N. Barton sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $173.62, for a total value of $173,620.00. Following the completion of the sale, the director now directly owns 8,012 shares in the company, valued at $1,391,043.44. The disclosure for this sale can be found here. Insiders sold 349,435 shares of company stock worth $59,221,491 over the last three months. 4.90% of the stock is owned by insiders.
A number of equities research analysts recently commented on NFLX shares. Robert W. Baird reissued a “hold” rating and issued a $175.00 price objective on shares of Netflix in a research note on Friday, September 1st. Vetr cut shares of Netflix from a “hold” rating to a “sell” rating and set a $165.09 price objective on the stock. in a research note on Wednesday, August 30th. Sanford C. Bernstein set a $203.00 price objective on shares of Netflix and gave the company a “buy” rating in a research note on Wednesday, August 30th. KeyCorp reissued a “buy” rating and issued a $190.00 price objective on shares of Netflix in a research note on Friday, August 25th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $200.00 price objective on shares of Netflix in a research note on Wednesday, August 16th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-seven have assigned a buy rating to the stock. Netflix currently has an average rating of “Buy” and a consensus price target of $178.07.
Netflix, Inc. (NASDAQ NFLX) opened at 179.25 on Thursday. The firm has a market capitalization of $77.39 billion, a P/E ratio of 218.07 and a beta of 1.05. The firm’s 50-day moving average price is $176.05 and its 200 day moving average price is $157.44. Netflix, Inc. has a one year low of $93.26 and a one year high of $191.50.
Netflix (NASDAQ:NFLX) last announced its quarterly earnings data on Monday, July 17th. The Internet television network reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. Netflix had a net margin of 3.55% and a return on equity of 12.82%. The firm’s quarterly revenue was up 32.3% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share. On average, equities analysts anticipate that Netflix, Inc. will post $1.19 earnings per share for the current fiscal year.
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Netflix, Inc is a provider an Internet television network. The Company operates through three segments: Domestic streaming, International streaming and Domestic DVD. The Domestic streaming segment includes services that streams content to its members in the United States. The International streaming segment includes services that streams content to its members outside the United States.
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