Covenant Asset Management LLC Buys 1,736 Shares of Netflix, Inc. (NASDAQ:NFLX)

Covenant Asset Management LLC lifted its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 19.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,451 shares of the Internet television network’s stock after purchasing an additional 1,736 shares during the quarter. Netflix accounts for about 1.2% of Covenant Asset Management LLC’s holdings, making the stock its 13th largest position. Covenant Asset Management LLC’s holdings in Netflix were worth $7,413,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NFLX. International Assets Investment Management LLC raised its stake in shares of Netflix by 116,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 5,753,129 shares of the Internet television network’s stock valued at $4,080,522,000 after purchasing an additional 5,748,200 shares during the period. Assenagon Asset Management S.A. increased its stake in Netflix by 154.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,058,431 shares of the Internet television network’s stock worth $750,713,000 after acquiring an additional 642,920 shares during the last quarter. Jericho Capital Asset Management L.P. bought a new position in Netflix in the 1st quarter worth about $372,293,000. Swedbank AB bought a new position in Netflix in the 1st quarter worth about $216,538,000. Finally, Jennison Associates LLC boosted 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 purchasing an additional 316,594 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group set a $750.00 price objective on Netflix in a report on Friday, October 18th. Wedbush reiterated an “outperform” rating and issued a $950.00 price objective (up from $800.00) on shares of Netflix in a report on Monday. TD Cowen upped their price objective on Netflix from $820.00 to $835.00 and gave the stock a “buy” rating in a report on Friday, October 18th. KeyCorp increased their target price on Netflix from $760.00 to $785.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Morgan Stanley increased their target price on Netflix from $820.00 to $830.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, Netflix currently has an average rating of “Moderate Buy” and an average target price of $764.82.

Netflix Stock Performance

Shares of NFLX opened at $896.05 on Friday. The business’s fifty day simple moving average is $751.39 and its two-hundred day simple moving average is $688.25. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. Netflix, Inc. has a 12 month low of $445.73 and a 12 month high of $908.00. The company has a market cap of $383.03 billion, a price-to-earnings ratio of 50.71, a P/E/G ratio of 1.68 and a beta of 1.25.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, October 17th. The Internet television network reported $5.40 EPS for the quarter, beating the consensus estimate of $5.09 by $0.31. Netflix had a return on equity of 35.86% and a net margin of 20.70%. The business had revenue of $9.82 billion for the quarter, compared to the consensus estimate of $9.77 billion. Research analysts anticipate that Netflix, Inc. will post 19.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Netflix

In other news, Chairman Reed Hastings sold 25,074 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $680.92, for a total value of $17,073,388.08. Following the transaction, the chairman now directly owns 85 shares in the company, valued at $57,878.20. This trade represents a 99.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jay C. Hoag sold 43,750 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $687.07, for a total value of $30,059,312.50. Following the completion of the transaction, the director now owns 95,040 shares in the company, valued at approximately $65,299,132.80. This trade represents a 31.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,866 shares of company stock worth $133,393,921. Insiders own 1.76% of the company’s stock.

Netflix 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.