Wellington Management Group LLP Sells 660,398 Shares of Netflix, Inc. (NASDAQ:NFLX)

Wellington Management Group LLP decreased its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 13.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,236,991 shares of the Internet television network’s stock after selling 660,398 shares during the period. Netflix makes up about 0.7% of Wellington Management Group LLP’s investment portfolio, making the stock its 24th largest holding. Wellington Management Group LLP’s holdings in Netflix were worth $3,776,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Nordea Investment Management AB grew its stake in shares of Netflix by 22.7% during the 4th quarter. Nordea Investment Management AB now owns 848,150 shares of the Internet television network’s stock worth $760,918,000 after acquiring an additional 156,958 shares in the last quarter. First National Trust Co grew its position in Netflix by 1.0% in the fourth quarter. First National Trust Co now owns 1,258 shares of the Internet television network’s stock valued at $1,121,000 after purchasing an additional 12 shares in the last quarter. Haven Private LLC acquired a new stake in Netflix in the 4th quarter valued at $733,000. Sigma Planning Corp lifted its position in Netflix by 7.4% during the 4th quarter. Sigma Planning Corp now owns 5,572 shares of the Internet television network’s stock worth $4,966,000 after buying an additional 386 shares in the last quarter. Finally, M&T Bank Corp boosted its stake in shares of Netflix by 4.2% during the 3rd quarter. M&T Bank Corp now owns 41,946 shares of the Internet television network’s stock worth $29,751,000 after buying an additional 1,684 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NFLX shares. UBS Group reaffirmed a “buy” rating on shares of Netflix in a research report on Monday, March 10th. Wedbush reissued an “outperform” rating and issued a $1,150.00 price objective (up previously from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Evercore ISI raised their target price on shares of Netflix from $950.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Wednesday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $1,100.00 price target (up from $950.00) on shares of Netflix in a research report on Wednesday, January 22nd. Finally, Oppenheimer lifted their price objective on shares of Netflix from $1,040.00 to $1,150.00 and gave the company an “outperform” rating in a research report on Wednesday, January 22nd. Ten equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Netflix presently has a consensus rating of “Moderate Buy” and an average target price of $1,021.02.

Insider Buying and Selling at Netflix

In related news, Chairman Reed Hastings sold 35,868 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $888.08, for a total value of $31,853,653.44. Following the sale, the chairman now directly owns 114 shares of the company’s stock, valued at $101,241.12. This trade represents a 99.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory K. Peters sold 102,228 shares of Netflix stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $980.74, for a total value of $100,259,088.72. Following the completion of the transaction, the chief executive officer now owns 12,950 shares in the company, valued at approximately $12,700,583. This represents a 88.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 288,583 shares of company stock valued at $279,611,567. 1.76% of the stock is currently owned by corporate insiders.

Netflix Trading Down 4.4 %

NFLX opened at $933.85 on Monday. The stock has a market capitalization of $399.46 billion, a price-to-earnings ratio of 47.09, a P/E/G ratio of 2.12 and a beta of 1.38. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.56. Netflix, Inc. has a twelve month low of $542.01 and a twelve month high of $1,064.50. The company has a 50-day simple moving average of $971.74 and a 200 day simple moving average of $869.42.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $4.20 by $0.07. The company had revenue of $10.25 billion during the quarter, compared to the consensus estimate of $10.14 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.11 EPS. Analysts predict 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.