Glenview Trust Co Buys New Shares in Netflix, Inc. $NFLX

Glenview Trust Co purchased a new position in shares of Netflix, Inc. (NASDAQ:NFLX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 16,330 shares of the Internet television network’s stock, valued at approximately $1,570,000.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Netflix in the 2nd quarter worth about $24,902,221,000. State Street Corp grew its holdings in shares of Netflix by 927.6% during the 4th quarter. State Street Corp now owns 176,780,995 shares of the Internet television network’s stock worth $16,574,986,000 after purchasing an additional 159,578,053 shares during the period. Geode Capital Management LLC increased its position in Netflix by 892.0% during the 4th quarter. Geode Capital Management LLC now owns 99,598,678 shares of the Internet television network’s stock worth $9,305,336,000 after purchasing an additional 89,558,684 shares in the last quarter. Capital World Investors increased its position in Netflix by 859.1% during the 4th quarter. Capital World Investors now owns 89,341,444 shares of the Internet television network’s stock worth $8,376,656,000 after purchasing an additional 80,025,890 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Netflix by 903.0% in the fourth quarter. Morgan Stanley now owns 85,349,973 shares of the Internet television network’s stock valued at $8,002,414,000 after buying an additional 76,840,318 shares during the period. Institutional investors and hedge funds own 80.93% of the company’s stock.

Key Netflix News

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Bill Ackman’s Pershing Square reportedly added approximately 13.1 million Netflix shares, making NFLX one of the hedge fund’s new concentrated holdings. The move may bolster investor confidence in Netflix’s valuation and long-term earnings potential. Bill Ackman portfolio overhaul article
• Positive Sentiment: Analysts and market commentators point to Netflix’s rapidly expanding advertising business, a potential $3 billion advertising revenue opportunity, continued global expansion and margin growth as catalysts for a possible recovery toward $100 and beyond. Record share buybacks could further support earnings per share. Netflix stock price prediction article
• Positive Sentiment: Netflix is being described as an undervalued long-term holding, with bullish arguments centered on double-digit revenue growth, free-cash-flow generation and the ability to monetize live events and lower-priced ad-supported plans. Netflix five-year outlook article
• Neutral Sentiment: The Netflix preview of Grand Theft Auto VI attracted significant online attention and traffic, but the immediate stock-market beneficiary appears to be Take-Two Interactive, the game’s publisher, rather than Netflix. GTA 6 Netflix preview article
• Negative Sentiment: Some analysts argue that Netflix’s growth is moderating and that Alphabet offers stronger diversification, advertising exposure and valuation. Recent commentary also identifies resistance near $82 and muted enthusiasm following the latest earnings report. NFLX versus GOOGL article
• Negative Sentiment: Reported insider activity remains a potential overhang: executives and directors made numerous sales and no purchases over the past six months. Investors may interpret the selling as reduced insider conviction, although it may also reflect routine diversification. Netflix ad monetization and market resistance article

Netflix Price Performance

Shares of NFLX stock opened at $81.72 on Friday. The firm has a fifty day moving average of $74.65 and a two-hundred day moving average of $84.33. The firm has a market cap of $340.28 billion, a P/E ratio of 25.72, a P/E/G ratio of 1.00 and a beta of 1.52. Netflix, Inc. has a 1-year low of $65.08 and a 1-year high of $126.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 1.14.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The business had revenue of $12.56 billion for the quarter, compared to analyst estimates of $12.58 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, research analysts anticipate that Netflix, Inc. will post 3.59 earnings per share for the current fiscal year.

Insider Activity at Netflix

In other news, CEO Theodore A. Sarandos sold 105,850 shares of Netflix stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $73.03, for a total value of $7,730,225.50. Following the completion of the transaction, the chief executive officer owned 206,266 shares in the company, valued at approximately $15,063,605.98. This trade represents a 33.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Bradford L. Smith sold 35,990 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $77.52, for a total value of $2,789,944.80. Following the completion of the sale, the director owned 79,690 shares of the company’s stock, valued at $6,177,568.80. This trade represents a 31.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 600,295 shares of company stock worth $49,056,671 over the last quarter. 1.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NFLX. Sanford C. Bernstein set a $95.00 price target on shares of Netflix and gave the stock an “outperform” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. lowered their price target on shares of Netflix from $118.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Seaport Research Partners downgraded shares of Netflix from a “buy” rating to a “neutral” rating in a research note on Monday, July 20th. Raymond James Financial reiterated a “market perform” rating on shares of Netflix in a research note on Thursday, May 14th. Finally, China Intl Cap raised Netflix to a “strong-buy” rating in a report on Tuesday, July 21st. Four analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.19.

About Netflix

Netflix, Inc (NASDAQ: NFLX) is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.

The company’s primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.