Westpac Banking Corp Has $15 Million Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Westpac Banking Corp reduced its stake in Netflix, Inc. (NASDAQ:NFLX) by 15.8% during the 4th quarter, HoldingsChannel reports. The firm owned 16,831 shares of the Internet television network’s stock after selling 3,166 shares during the quarter. Netflix makes up approximately 1.0% of Westpac Banking Corp’s holdings, making the stock its 12th biggest holding. Westpac Banking Corp’s holdings in Netflix were worth $15,002,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pathway Financial Advisers LLC grew its position in Netflix by 82.4% in the fourth quarter. Pathway Financial Advisers LLC now owns 31 shares of the Internet television network’s stock valued at $27,000 after acquiring an additional 14 shares during the period. Newton One Investments LLC acquired a new stake in shares of Netflix in the 4th quarter valued at $34,000. Pineridge Advisors LLC grew its holdings in shares of Netflix by 4,000.0% in the 4th quarter. Pineridge Advisors LLC now owns 41 shares of the Internet television network’s stock worth $37,000 after purchasing an additional 40 shares during the last quarter. Princeton Global Asset Management LLC increased its position in shares of Netflix by 51.6% during the 4th quarter. Princeton Global Asset Management LLC now owns 47 shares of the Internet television network’s stock worth $42,000 after purchasing an additional 16 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Netflix during the 4th quarter valued at about $43,000. 80.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Benchmark raised Netflix from a “sell” rating to a “hold” rating in a report on Wednesday, January 22nd. Pivotal Research boosted their price objective on Netflix from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Argus raised their target price on Netflix from $840.00 to $1,040.00 and gave the company a “buy” rating in a research note on Monday, January 6th. BMO Capital Markets reiterated an “outperform” rating and set a $1,175.00 price target (up previously from $1,000.00) on shares of Netflix in a research report on Wednesday, January 22nd. Finally, Citigroup raised their price objective on shares of Netflix from $725.00 to $920.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Netflix has a consensus rating of “Moderate Buy” and an average price target of $1,023.74.

Insider Buying and Selling

In related news, CFO Spencer Adam Neumann sold 2,601 shares of the firm’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 sale, the chief financial officer now directly owns 3,691 shares in the company, valued at $3,402,068.52. This trade represents a 41.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Reed Hastings sold 25,360 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $921.15, for a total transaction of $23,360,364.00. Following the completion of the transaction, the chairman now directly owns 394 shares of the company’s stock, valued at approximately $362,933.10. The trade was a 98.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 280,676 shares of company stock valued at $273,515,672. 1.76% of the stock is owned by corporate insiders.

Netflix Price Performance

Shares of NFLX stock opened at $935.52 on Thursday. The firm has a market capitalization of $400.18 billion, a price-to-earnings ratio of 47.18, a price-to-earnings-growth ratio of 2.12 and a beta of 1.38. Netflix, Inc. has a 12-month low of $542.01 and a 12-month high of $1,064.50. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average of $974.03 and a 200-day moving average of $873.22.

Netflix (NASDAQ:NFLX) last posted its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.20 by $0.07. The firm had revenue of $10.25 billion during the quarter, compared to analysts’ expectations of $10.14 billion. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.11 earnings per share. On average, equities research analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current 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.