Legal & General Group Plc Trims Holdings in Netflix, Inc. (NASDAQ:NFLX)

Legal & General Group Plc reduced its stake in Netflix, Inc. (NASDAQ:NFLX) by 22.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,587,988 shares of the Internet television network’s stock after selling 755,663 shares during the quarter. Netflix accounts for 0.6% of Legal & General Group Plc’s investment portfolio, making the stock its 20th largest position. Legal & General Group Plc’s holdings in Netflix were worth $2,306,725,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. raised its holdings in shares of Netflix by 2.9% in the 4th quarter. Invesco Ltd. now owns 4,308,201 shares of the Internet television network’s stock valued at $3,839,986,000 after buying an additional 119,787 shares during the period. Concentrum Wealth Management acquired a new position in Netflix during the 4th quarter worth $239,000. Sierra Summit Advisors LLC increased its holdings in Netflix by 24.1% during the 4th quarter. Sierra Summit Advisors LLC now owns 10,811 shares of the Internet television network’s stock worth $9,636,000 after purchasing an additional 2,099 shares during the period. Trek Financial LLC boosted its stake in shares of Netflix by 830.3% in the 4th quarter. Trek Financial LLC now owns 5,163 shares of the Internet television network’s stock valued at $4,602,000 after buying an additional 4,608 shares during the period. Finally, FMR LLC grew its position in shares of Netflix by 1.8% during the fourth quarter. FMR LLC now owns 20,887,090 shares of the Internet television network’s stock worth $18,617,081,000 after buying an additional 375,234 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Transactions at Netflix

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 3,691 shares in the company, valued at approximately $3,402,068.52. This trade represents a 41.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ann Mather sold 2,682 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $973.00, for a total value of $2,609,586.00. The disclosure for this sale can be found here. Insiders sold 280,676 shares of company stock valued at $273,515,672 in the last 90 days. 1.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NFLX. Phillip Securities downgraded shares of Netflix from a “hold” rating to a “moderate sell” rating in a research note on Friday, January 24th. Rosenblatt Securities raised Netflix from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $680.00 to $1,494.00 in a research report on Wednesday, January 22nd. Macquarie boosted their target price on Netflix from $965.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $1,100.00 price target (up from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Finally, Barclays upgraded shares of Netflix from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $715.00 to $900.00 in a research report on Wednesday, January 22nd. Ten research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,023.74.

Netflix Price Performance

Netflix stock opened at $855.86 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22. Netflix, Inc. has a one year low of $542.01 and a one year high of $1,064.50. The company has a market cap of $366.10 billion, a P/E ratio of 43.16, a price-to-earnings-growth ratio of 2.12 and a beta of 1.55. The business has a fifty day moving average of $970.24 and a two-hundred day moving average of $877.11.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings data on Tuesday, January 21st. The Internet television network reported $4.27 EPS for the quarter, beating the consensus estimate of $4.20 by $0.07. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The firm had revenue of $10.25 billion during the quarter, compared to analysts’ expectations of $10.14 billion. During the same quarter last year, the business earned $2.11 earnings per share. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, analysts predict that Netflix, Inc. will post 24.58 earnings per share 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.