Covea Finance Sells 3,580 Shares of Netflix, Inc. (NASDAQ:NFLX)

Covea Finance lessened its stake in Netflix, Inc. (NASDAQ:NFLX) by 5.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 60,020 shares of the Internet television network’s stock after selling 3,580 shares during the period. Netflix comprises approximately 2.5% of Covea Finance’s portfolio, making the stock its 10th largest position. Covea Finance’s holdings in Netflix were worth $55,970,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Netflix by 109,524.3% in the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network’s stock valued at $8,239,576,000 after acquiring an additional 8,827,662 shares in the last quarter. Norges Bank acquired a new position in Netflix in the 4th quarter valued at about $5,019,087,000. Proficio Capital Partners LLC grew its position in Netflix by 123,836.7% in the 4th quarter. Proficio Capital Partners LLC now owns 1,925,977 shares of the Internet television network’s stock valued at $1,716,662,000 after acquiring an additional 1,924,423 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Netflix by 59.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network’s stock valued at $2,051,016,000 after acquiring an additional 856,307 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Netflix by 318.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 976,924 shares of the Internet television network’s stock valued at $870,752,000 after acquiring an additional 743,724 shares in the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.

Netflix Stock Up 0.8%

NFLX stock opened at $1,231.49 on Friday. The company has a fifty day moving average price of $1,150.80 and a 200 day moving average price of $1,010.84. Netflix, Inc. has a 12 month low of $587.04 and a 12 month high of $1,262.81. The company has a market cap of $524.09 billion, a price-to-earnings ratio of 58.20, a price-to-earnings-growth ratio of 2.36 and a beta of 1.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.20 and a quick ratio of 1.20.

Netflix (NASDAQ:NFLX) last released its quarterly earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, beating the consensus estimate of $5.74 by $0.87. Netflix had a net margin of 23.07% and a return on equity of 39.61%. The firm had revenue of $10.54 billion during the quarter, compared to the consensus estimate of $10.51 billion. During the same quarter in the prior year, the firm earned $8.28 EPS. Sell-side analysts expect that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insider Buying and Selling at Netflix

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $921.72, for a total transaction of $2,397,393.72. Following the completion of the transaction, the chief financial officer now owns 3,691 shares in the company, valued at approximately $3,402,068.52. This represents a 41.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeffrey William Karbowski sold 480 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $978.18, for a total transaction of $469,526.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,140 shares of company stock valued at $210,271,552. 1.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Macquarie lifted their target price on Netflix from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Monday, April 21st. Wolfe Research set a $1,340.00 price objective on Netflix and gave the stock an “outperform” rating in a research report on Friday, May 16th. Moffett Nathanson restated a “buy” rating and set a $1,150.00 target price (up from $1,100.00) on shares of Netflix in a research note on Friday, April 18th. Benchmark reiterated a “hold” rating on shares of Netflix in a research note on Monday, April 21st. Finally, Jefferies Financial Group lifted their price target on shares of Netflix from $1,200.00 to $1,400.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Eleven research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,172.73.

Netflix Profile

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.