Central Pacific Bank Trust Division Lowers Stock Holdings in Netflix, Inc. (NASDAQ:NFLX)

Central Pacific Bank Trust Division reduced its position in Netflix, Inc. (NASDAQ:NFLX) by 27.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,468 shares of the Internet television network’s stock after selling 949 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Netflix were worth $1,750,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in NFLX. Wellington Management Group LLP grew 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 worth $1,888,503,000 after buying an additional 3,273,592 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Netflix during the 1st quarter worth $1,450,476,000. Jennison Associates LLC grew its stake in shares of Netflix by 17.0% during the first quarter. Jennison Associates LLC now owns 6,381,464 shares of the Internet television network’s stock worth $3,875,655,000 after purchasing an additional 929,193 shares in the last quarter. Global Assets Advisory LLC purchased a new position in Netflix in the first quarter valued at $436,514,000. Finally, Jericho Capital Asset Management L.P. acquired a new stake in Netflix in the first quarter valued at $372,293,000. Institutional investors and hedge funds own 80.93% of the company’s stock.

Netflix Trading Up 0.7 %

NASDAQ NFLX opened at $711.09 on Thursday. The company has a market cap of $306.48 billion, a P/E ratio of 49.35, a P/E/G ratio of 1.44 and a beta of 1.26. Netflix, Inc. has a 12 month low of $344.73 and a 12 month high of $725.26. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day moving average of $673.63 and a 200-day moving average of $646.74.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, July 18th. The Internet television network reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.74 by $0.14. Netflix had a net margin of 19.54% and a return on equity of 32.93%. The firm had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $9.53 billion. During the same period in the previous year, the firm earned $3.29 earnings per share. Netflix’s revenue was up 16.8% compared to the same quarter last year. As a group, equities analysts predict that Netflix, Inc. will post 19.08 earnings per share for the current year.

Insider Buying and Selling at Netflix

In other news, CFO Spencer Adam Neumann sold 433 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $626.19, for a total value of $271,140.27. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Reed Hastings sold 45,290 shares of the stock in a transaction on 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 owns 85 shares of the company’s stock, valued at $60,023.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Spencer Adam Neumann sold 433 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $626.19, for a total transaction of $271,140.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 224,784 shares of company stock valued at $150,212,870. Company insiders own 1.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NFLX. Argus upped their price objective on Netflix from $660.00 to $767.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Guggenheim increased their price target on shares of Netflix from $700.00 to $735.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Citigroup boosted their price objective on shares of Netflix from $660.00 to $675.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Redburn Atlantic increased their target price on shares of Netflix from $740.00 to $760.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, Piper Sandler lifted their price target on shares of Netflix from $600.00 to $650.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, Netflix currently has an average rating of “Moderate Buy” and an average target price of $686.03.

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.