Netflix, Inc. (NASDAQ:NFLX) Shares Sold by Pitti Group Wealth Management LLC

Pitti Group Wealth Management LLC cut its stake in Netflix, Inc. (NASDAQ:NFLX) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,551 shares of the Internet television network’s stock after selling 96 shares during the period. Netflix comprises approximately 2.3% of Pitti Group Wealth Management LLC’s holdings, making the stock its 10th largest holding. Pitti Group Wealth Management LLC’s holdings in Netflix were worth $2,274,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. State Street Corp raised its holdings in shares of Netflix by 2.6% in the 3rd quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock worth $12,023,082,000 after buying an additional 426,740 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Netflix by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 9,148,356 shares of the Internet television network’s stock worth $6,464,736,000 after buying an additional 123,029 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Netflix by 4.7% in the 3rd quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock worth $4,958,417,000 after buying an additional 316,594 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Netflix by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,897,389 shares of the Internet television network’s stock worth $3,473,571,000 after buying an additional 23,702 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Netflix by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 4,527,446 shares of the Internet television network’s stock worth $4,035,404,000 after buying an additional 45,507 shares in the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. BMO Capital Markets reissued an “outperform” rating and issued a $1,175.00 target price (up from $1,000.00) on shares of Netflix in a report on Wednesday, January 22nd. Piper Sandler restated 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. Loop Capital increased their price target on Netflix from $925.00 to $1,000.00 and gave the stock a “hold” rating in a research report on Wednesday, January 22nd. Needham & Company LLC increased their price target on Netflix from $800.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Finally, UBS Group restated a “buy” rating on shares of Netflix in a research report on Monday, March 10th. Ten research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,014.26.

Insider Buying and Selling at Netflix

In other news, CFO Spencer Adam Neumann sold 685 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $1,009.57, for a total transaction of $691,555.45. Following the transaction, the chief financial officer now directly owns 3,691 shares in the company, valued at approximately $3,726,322.87. This trade represents a 15.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gregory K. Peters sold 4,939 shares of Netflix stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,030.00, for a total transaction of $5,087,170.00. Following the completion of the transaction, the chief executive officer now owns 12,950 shares in the company, valued at approximately $13,338,500. This trade represents a 27.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 288,103 shares of company stock valued at $279,142,041 over the last 90 days. 1.76% of the stock is owned by insiders.

Netflix Stock Performance

NFLX opened at $918.00 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a fifty day moving average price of $951.04 and a 200 day moving average price of $849.90. Netflix, Inc. has a 1 year low of $542.01 and a 1 year high of $1,064.50. The stock has a market cap of $392.68 billion, a P/E ratio of 46.29, a P/E/G ratio of 2.12 and a beta of 1.38.

Netflix (NASDAQ:NFLX) last released its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.20 by $0.07. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The business had revenue of $10.25 billion during the quarter, compared to analyst estimates of $10.14 billion. During the same quarter in the prior year, the firm earned $2.11 earnings per share. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities research analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current year.

Netflix Company Profile

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.