SouthState Corp Lowers Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

SouthState Corp trimmed its holdings in Netflix, Inc. (NASDAQ:NFLX) by 29.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 232 shares of the Internet television network’s stock after selling 99 shares during the quarter. SouthState Corp’s holdings in Netflix were worth $165,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. New World Advisors LLC raised its stake in Netflix by 2.0% during the third quarter. New World Advisors LLC now owns 724 shares of the Internet television network’s stock valued at $514,000 after purchasing an additional 14 shares in the last quarter. Heartland Bank & Trust Co lifted its holdings in Netflix by 0.9% during the 2nd quarter. Heartland Bank & Trust Co now owns 1,770 shares of the Internet television network’s stock valued at $1,195,000 after buying an additional 15 shares in the last quarter. Cedrus LLC boosted its position in Netflix by 0.8% in the 3rd quarter. Cedrus LLC now owns 1,781 shares of the Internet television network’s stock valued at $1,263,000 after buying an additional 15 shares during the period. Capstone Triton Financial Group LLC grew its stake in Netflix by 0.6% in the 3rd quarter. Capstone Triton Financial Group LLC now owns 2,421 shares of the Internet television network’s stock worth $1,717,000 after acquiring an additional 15 shares in the last quarter. Finally, Meritas Wealth Management LLC increased its position in shares of Netflix by 2.9% during the third quarter. Meritas Wealth Management LLC now owns 573 shares of the Internet television network’s stock worth $406,000 after acquiring an additional 16 shares during the period. 80.93% of the stock is currently owned by institutional investors.

Netflix Stock Performance

Shares of NASDAQ NFLX opened at $871.32 on Wednesday. The stock has a market cap of $372.45 billion, a price-to-earnings ratio of 49.31, a PEG ratio of 1.59 and a beta of 1.25. Netflix, Inc. has a 12 month low of $445.73 and a 12 month high of $874.49. The company has a 50 day simple moving average of $743.15 and a two-hundred day simple moving average of $685.41. 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 (NASDAQ:NFLX) last posted its earnings results on Thursday, October 17th. The Internet television network reported $5.40 EPS for the quarter, topping the consensus estimate of $5.09 by $0.31. The firm had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.77 billion. Netflix had a return on equity of 35.86% and a net margin of 20.70%. As a group, analysts predict that Netflix, Inc. will post 19.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman Reed Hastings sold 45,290 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $706.16, for a total value of $31,981,986.40. Following the completion of the sale, the chairman now directly owns 85 shares in the company, valued at $60,023.60. This represents a 99.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gregory K. Peters sold 4,392 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $725.00, for a total value of $3,184,200.00. Following the completion of the sale, the chief executive officer now directly owns 13,090 shares of the company’s stock, valued at approximately $9,490,250. This represents a 25.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,277 shares of company stock worth $132,875,601. Company insiders own 1.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NFLX. Benchmark reissued a “sell” rating and issued a $545.00 price objective on shares of Netflix in a research note on Tuesday, October 15th. UBS Group lifted their price objective on Netflix from $750.00 to $825.00 and gave the company a “buy” rating in a report on Friday, October 18th. Loop Capital increased their target price on shares of Netflix from $750.00 to $800.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Rosenblatt Securities boosted their price target on shares of Netflix from $635.00 to $680.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Guggenheim increased their price objective on shares of Netflix from $810.00 to $825.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $753.45.

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.