Ridgecrest Wealth Partners LLC Sells 65 Shares of Netflix, Inc. (NASDAQ:NFLX)

Ridgecrest Wealth Partners LLC decreased its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 8.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 735 shares of the Internet television network’s stock after selling 65 shares during the period. Ridgecrest Wealth Partners LLC’s holdings in Netflix were worth $446,000 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. Norges Bank purchased a new position in shares of Netflix during the 4th quarter worth approximately $2,558,598,000. Wellington Management Group LLP boosted its position in shares of Netflix by 540.9% during the fourth quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock valued at $1,888,503,000 after purchasing an additional 3,273,592 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Netflix by 15,039.1% during the fourth quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock valued at $1,010,553,000 after purchasing an additional 2,061,859 shares in the last quarter. Jennison Associates LLC grew its stake in Netflix by 40.6% in the fourth quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock worth $2,654,602,000 after purchasing an additional 1,573,978 shares during the period. Finally, Global Assets Advisory LLC bought a new position in Netflix in the first quarter worth $436,514,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NFLX shares. BMO Capital Markets reissued an “outperform” rating and set a $713.00 price objective (up previously from $638.00) on shares of Netflix in a research note on Wednesday, April 17th. Wedbush reissued an “outperform” rating and issued a $725.00 price target on shares of Netflix in a research report on Monday, May 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price objective on shares of Netflix in a research report on Monday, June 17th. Benchmark lifted their price objective on Netflix from $440.00 to $450.00 and gave the company a “sell” rating in a research note on Friday, May 17th. Finally, Evercore ISI increased their target price on Netflix from $650.00 to $700.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $633.53.

Netflix Trading Down 1.4 %

Shares of NFLX stock opened at $674.88 on Friday. Netflix, Inc. has a 1 year low of $344.73 and a 1 year high of $689.88. The firm has a fifty day moving average price of $628.93 and a 200-day moving average price of $584.34. The company has a market cap of $290.87 billion, a price-to-earnings ratio of 46.83, a PEG ratio of 1.46 and a beta of 1.26. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.07 and a quick ratio of 1.07.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. Netflix had a return on equity of 29.62% and a net margin of 18.42%. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.28 billion. During the same period in the previous year, the firm earned $2.88 EPS. The business’s quarterly revenue was up 14.8% on a year-over-year basis. As a group, equities analysts predict that Netflix, Inc. will post 18.31 earnings per share for the current year.

Insider Activity

In related news, insider David A. Hyman sold 268 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $593.62, for a total value of $159,090.16. Following the completion of the transaction, the insider now owns 31,610 shares of the company’s stock, valued at approximately $18,764,328.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Netflix news, insider David A. Hyman sold 268 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $593.62, for a total value of $159,090.16. Following the completion of the transaction, the insider now directly owns 31,610 shares in the company, valued at approximately $18,764,328.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Reed Hastings sold 20,566 shares of Netflix stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the sale, the chairman now owns 28 shares in the company, valued at approximately $17,091.76. The disclosure for this sale can be found here. Insiders have sold 69,425 shares of company stock worth $41,919,791 in the last three months. Company insiders own 1.76% of the company’s stock.

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.