Netflix, Inc. (NASDAQ:NFLX) is Edgewood Management LLC’s Largest Position

Edgewood Management LLC lowered its holdings in Netflix, Inc. (NASDAQ:NFLX) by 8.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,629,970 shares of the Internet television network’s stock after selling 330,079 shares during the period. Netflix accounts for approximately 6.9% of Edgewood Management LLC’s investment portfolio, making the stock its biggest holding. Edgewood Management LLC’s holdings in Netflix were worth $2,574,629,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. DigitalBridge Group Inc. raised its position in shares of Netflix by 35.5% in the 2nd quarter. DigitalBridge Group Inc. now owns 36,063 shares of the Internet television network’s stock worth $24,338,000 after acquiring an additional 9,451 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Netflix by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,579,404 shares of the Internet television network’s stock worth $1,829,494,000 after acquiring an additional 29,726 shares in the last quarter. Natixis Advisors LLC raised its position in shares of Netflix by 2.0% in the 3rd quarter. Natixis Advisors LLC now owns 612,458 shares of the Internet television network’s stock worth $434,398,000 after acquiring an additional 11,921 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of Netflix by 27.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,077 shares of the Internet television network’s stock worth $2,182,000 after acquiring an additional 664 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Netflix by 58.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,931 shares of the Internet television network’s stock worth $55,968,000 after acquiring an additional 30,511 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Buying and Selling

In related news, Director Anne M. Sweeney sold 589 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $880.00, for a total value of $518,320.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy M. Haley sold 647 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $800.19, for a total value of $517,722.93. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,866 shares of company stock worth $133,393,921. Corporate insiders own 1.76% of the company’s stock.

Netflix Price Performance

Shares of Netflix stock opened at $896.05 on Friday. The stock’s 50-day simple moving average is $751.39 and its 200-day simple moving average is $688.25. Netflix, Inc. has a 52 week low of $445.73 and a 52 week high of $908.00. The company has a market capitalization of $383.03 billion, a price-to-earnings ratio of 50.71, a PEG ratio of 1.68 and a beta of 1.25. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.62.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings data 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. As a group, analysts expect that Netflix, Inc. will post 19.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NFLX. KeyCorp increased their target price on Netflix from $760.00 to $785.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $825.00 price objective (up previously from $770.00) on shares of Netflix in a research report on Friday, October 18th. The Goldman Sachs Group set a $750.00 price objective on Netflix in a research report on Friday, October 18th. Guggenheim raised their price objective on Netflix from $810.00 to $825.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, TD Cowen raised their price objective on Netflix from $820.00 to $835.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, Netflix has an average rating of “Moderate Buy” and a consensus target price of $764.82.

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.