Cornerstone Advisors LLC Sells 128,091 Shares of Netflix, Inc. $NFLX

Cornerstone Advisors LLC trimmed its holdings in Netflix, Inc. (NASDAQ:NFLX) by 31.1% during the third quarter, HoldingsChannel.com reports. The fund owned 283,190 shares of the Internet television network’s stock after selling 128,091 shares during the period. Cornerstone Advisors LLC’s holdings in Netflix were worth $19,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of NFLX. Financial Freedom LLC purchased a new position in shares of Netflix during the third quarter worth about $36,000. ProVise Management Group LLC increased its position in Netflix by 10.7% in the 3rd quarter. ProVise Management Group LLC now owns 4,777 shares of the Internet television network’s stock valued at $332,000 after acquiring an additional 460 shares during the period. Moors & Cabot Inc. raised its stake in Netflix by 65.9% during the 3rd quarter. Moors & Cabot Inc. now owns 52,069 shares of the Internet television network’s stock valued at $3,623,000 after acquiring an additional 20,678 shares during the last quarter. Money Concepts Capital Corp raised its stake in Netflix by 98.9% during the 3rd quarter. Money Concepts Capital Corp now owns 47,275 shares of the Internet television network’s stock valued at $3,289,000 after acquiring an additional 23,507 shares during the last quarter. Finally, GKV Capital Management Co. Inc. raised its stake in Netflix by 1.6% during the 3rd quarter. GKV Capital Management Co. Inc. now owns 35,116 shares of the Internet television network’s stock valued at $2,443,000 after acquiring an additional 560 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Netflix Stock Performance

NFLX opened at $62.15 on Friday. The stock has a market cap of $255.21 billion, a P/E ratio of 21.40, a P/E/G ratio of 0.92 and a beta of 1.62. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.07 and a quick ratio of 1.07. The stock’s 50 day simple moving average is $69.18 and its 200 day simple moving average is $80.42. Netflix, Inc. has a 1-year low of $61.39 and a 1-year high of $115.25.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Tuesday, October 20th. The Internet television network reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.05. The firm had revenue of $12.87 billion during the quarter, compared to the consensus estimate of $12.87 billion. Netflix had a return on equity of 42.69% and a net margin of 29.69%. Netflix’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS. As a group, equities analysts anticipate that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NFLX shares. Barclays set a $65.00 target price on Netflix and gave the company an “equal weight” rating in a research note on Wednesday, October 21st. Itau BBA Securities decreased their price target on Netflix from $151.40 to $96.00 and set an “outperform” rating for the company in a report on Wednesday, August 5th. William Blair reaffirmed an “outperform” rating on shares of Netflix in a report on Wednesday, October 21st. Rosenblatt Securities set a $71.00 price objective on shares of Netflix and gave the company a “neutral” rating in a research report on Wednesday, October 21st. Finally, Wolfe Research cut shares of Netflix from an “outperform” rating to a “peer perform” rating in a research note on Thursday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, seventeen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $89.14.

Key Headlines Impacting Netflix

Investors following NFLX have been watching these headlines:

• Positive Sentiment: Billionaire investor Bill Ackman reiterated his bullish view and called Netflix undervalued, offering a high-profile vote of confidence. Billionaire investor Bill Ackman on why he’s staying bullish on Netflix
• Neutral Sentiment: An analyst floated a possible channel store or Fox One bundle. Bundling could help subscriber retention and reduce churn, but the idea remains speculative. Netflix May Launch Channel Store Or Bundle With Fox One: Analyst
• Negative Sentiment: Rising content spending is testing Netflix’s free-cash-flow outlook, even though the company is generating cash and has a busy holiday slate. Will Content Capex Weigh on Netflix’s Free Cash Flow Trajectory?

Insider Buying and Selling

In other news, CFO Spencer Neumann sold 9,253 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $66.15, for a total value of $612,085.95. Following the completion of the transaction, the chief financial officer owned 73,787 shares in the company, valued at $4,881,010.05. This trade represents a 11.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gregory Peters sold 27,312 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $63.62, for a total value of $1,737,589.44. Following the completion of the transaction, the chief executive officer owned 119,412 shares of the company’s stock, valued at approximately $7,596,991.44. This represents a 18.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 89,024 shares of company stock valued at $5,788,733 in the last three months. 1.24% of the stock is owned by insiders.

About Netflix

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.