Cornerstone Advisors LLC Increases Stake in Netflix, Inc. (NASDAQ:NFLX)

Cornerstone Advisors LLC increased its stake in Netflix, Inc. (NASDAQ:NFLX) by 17.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,200 shares of the Internet television network’s stock after purchasing an additional 3,800 shares during the period. Cornerstone Advisors LLC’s holdings in Netflix were worth $17,874,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of NFLX. International Assets Investment Management LLC boosted its position in Netflix by 116,620.0% in the third 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 buying an additional 5,748,200 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Netflix by 154.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,058,431 shares of the Internet television network’s stock valued at $750,713,000 after acquiring an additional 642,920 shares during the period. Jericho Capital Asset Management L.P. purchased a new stake in shares of Netflix in the 1st quarter valued at $372,293,000. Swedbank AB acquired a new stake in shares of Netflix in the first quarter worth $216,538,000. Finally, Jennison Associates LLC raised its holdings in shares of Netflix by 4.7% during the third 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 during the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insiders Place Their Bets

In other Netflix news, insider David A. Hyman sold 267 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $765.67, for a total value of $204,433.89. Following the transaction, the insider now directly owns 31,610 shares in the company, valued at $24,202,828.70. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jay C. Hoag sold 43,750 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $687.07, for a total transaction of $30,059,312.50. Following the sale, the director now owns 95,040 shares of the company’s stock, valued at $65,299,132.80. This represents a 31.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,866 shares of company stock valued at $133,393,921. Insiders own 1.76% of the company’s stock.

Netflix Stock Performance

NASDAQ:NFLX opened at $883.85 on Thursday. Netflix, Inc. has a twelve month low of $445.73 and a twelve month high of $890.60. The company has a market cap of $377.81 billion, a P/E ratio of 50.02, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $747.20 and its 200-day moving average price is $686.80.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Rosenblatt Securities upped 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. Piper Sandler restated an “overweight” rating and issued a $840.00 target price (up previously from $800.00) on shares of Netflix in a research note on Friday, October 18th. Wells Fargo & Company raised their target price on Netflix from $758.00 to $797.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Wolfe Research reissued an “outperform” rating on shares of Netflix in a report on Friday, October 18th. Finally, Guggenheim upped their price objective on Netflix from $810.00 to $825.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $758.76.

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.