Cresset Asset Management LLC Cuts Position in Netflix, Inc. (NASDAQ:NFLX)

Cresset Asset Management LLC reduced its stake in shares of Netflix, Inc. (NASDAQ:NFLX) by 74.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 17,619 shares of the Internet television network’s stock after selling 52,055 shares during the period. Cresset Asset Management LLC’s holdings in Netflix were worth $15,704,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC grew its position in Netflix by 82.4% during the fourth quarter. Pathway Financial Advisers LLC now owns 31 shares of the Internet television network’s stock worth $27,000 after buying an additional 14 shares during the period. Transce3nd LLC purchased a new stake in shares of Netflix during the 4th quarter worth approximately $32,000. Newton One Investments LLC acquired a new stake in shares of Netflix in the 4th quarter worth approximately $34,000. Pineridge Advisors LLC increased its stake in Netflix by 4,000.0% in the 4th quarter. Pineridge Advisors LLC now owns 41 shares of the Internet television network’s stock valued at $37,000 after purchasing an additional 40 shares in the last quarter. Finally, Princeton Global Asset Management LLC increased its stake in Netflix by 51.6% in the 4th quarter. Princeton Global Asset Management LLC now owns 47 shares of the Internet television network’s stock valued at $42,000 after purchasing an additional 16 shares in the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NFLX has been the subject of a number of research analyst reports. Phillip Securities upgraded Netflix from a “moderate sell” rating to a “hold” rating in a research report on Monday, April 21st. The Goldman Sachs Group lifted their target price on shares of Netflix from $850.00 to $960.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. BMO Capital Markets reiterated an “outperform” rating and issued a $1,200.00 price target (up from $1,175.00) on shares of Netflix in a research report on Friday, April 18th. FBN Securities began coverage on Netflix in a research report on Thursday, March 27th. They set an “outperform” rating and a $1,165.00 price objective for the company. Finally, KeyCorp upped their target price on Netflix from $1,000.00 to $1,070.00 and gave the company an “overweight” rating in a research note on Monday, April 21st. Ten research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,084.91.

Insider Activity at Netflix

In other Netflix news, Director Reed Hastings sold 26,977 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $1,133.05, for a total transaction of $30,566,289.85. Following the transaction, the director now directly owns 394 shares in the company, valued at $446,421.70. This represents a 98.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Strive Masiyiwa sold 2,813 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $1,007.87, for a total transaction of $2,835,138.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,451 shares of company stock valued at $142,194,072. Insiders own 1.76% of the company’s stock.

Netflix Price Performance

NFLX stock opened at $1,137.69 on Wednesday. The stock has a 50-day simple moving average of $974.71 and a 200-day simple moving average of $925.04. The firm has a market cap of $484.17 billion, a P/E ratio of 57.37, a price-to-earnings-growth ratio of 2.12 and a beta of 1.58. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22. Netflix, Inc. has a 1 year low of $587.04 and a 1 year high of $1,159.44.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.74 by $0.87. The company had revenue of $10.54 billion for the quarter, compared to analyst estimates of $10.51 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. During the same quarter last year, the firm posted $8.28 earnings per share. On average, equities analysts predict that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

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.