Hidden Cove Wealth Management LLC Decreases Holdings in Netflix, Inc. (NASDAQ:NFLX)

Hidden Cove Wealth Management LLC lowered its holdings in Netflix, Inc. (NASDAQ:NFLX) by 15.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 364 shares of the Internet television network’s stock after selling 65 shares during the quarter. Hidden Cove Wealth Management LLC’s holdings in Netflix were worth $339,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of 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 purchasing an additional 8,827,662 shares during the period. Norges Bank acquired a new position in Netflix during the fourth quarter worth approximately $5,019,087,000. Proficio Capital Partners LLC lifted its stake in Netflix by 123,836.7% in the fourth 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 buying an additional 1,924,423 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Netflix by 59.3% in the fourth 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 during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Netflix by 318.9% in the fourth 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 during the period. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Activity at Netflix

In other news, Director Jay C. Hoag sold 31,750 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total value of $39,762,112.50. Following the completion of the transaction, the director now directly owns 63,040 shares of the company’s stock, valued at $78,948,144. The trade was a 33.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Jeffrey William Karbowski sold 160 shares of the company’s stock in a transaction on Monday, April 21st. The shares were sold at an average price of $1,000.00, for a total value of $160,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,280 shares of company stock valued at $210,599,866. Insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on NFLX shares. Morgan Stanley lifted their target price on shares of Netflix from $1,150.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, April 21st. Evercore ISI reissued an “outperform” rating on shares of Netflix in a research report on Thursday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $1,126.00 target price on shares of Netflix in a report on Thursday, April 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $1,220.00 target price (up previously from $1,150.00) on shares of Netflix in a research note on Monday, May 19th. Finally, Oppenheimer raised their price target on Netflix from $1,200.00 to $1,425.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Eleven analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,172.73.

Netflix Stock Performance

NFLX opened at $1,306.67 on Friday. Netflix, Inc. has a 1-year low of $587.04 and a 1-year high of $1,310.25. The stock has a market cap of $556.08 billion, a P/E ratio of 61.75, a P/E/G ratio of 2.47 and a beta of 1.59. The stock’s 50 day simple moving average is $1,176.24 and its 200 day simple moving average is $1,020.75. 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 posted its earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, topping analysts’ consensus estimates of $5.74 by $0.87. Netflix had a return on equity of 39.61% and a net margin of 23.07%. The company had revenue of $10.54 billion for the quarter, compared to the consensus estimate of $10.51 billion. During the same period in the previous year, the business earned $8.28 earnings per share. As a group, equities analysts anticipate that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

About Netflix

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.