Independence Bank of Kentucky Increases Stock Position in Netflix, Inc. (NASDAQ:NFLX)

Independence Bank of Kentucky boosted its stake in Netflix, Inc. (NASDAQ:NFLX) by 8.5% in the first quarter, HoldingsChannel reports. The firm owned 1,474 shares of the Internet television network’s stock after acquiring an additional 116 shares during the period. Independence Bank of Kentucky’s holdings in Netflix were worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Congress Asset Management Co. grew its position in Netflix by 1.9% in the 1st quarter. Congress Asset Management Co. now owns 138,442 shares of the Internet television network’s stock worth $129,101,000 after purchasing an additional 2,607 shares during the period. Horizon Wealth Management LLC grew its position in Netflix by 10.4% in the 1st quarter. Horizon Wealth Management LLC now owns 616 shares of the Internet television network’s stock worth $574,000 after purchasing an additional 58 shares during the period. Constitution Capital LLC bought a new stake in Netflix in the 1st quarter worth approximately $214,000. Pines Wealth Management LLC grew its position in Netflix by 15.9% in the 1st quarter. Pines Wealth Management LLC now owns 1,023 shares of the Internet television network’s stock worth $890,000 after purchasing an additional 140 shares during the period. Finally, Sovereign Financial Group Inc. grew its position in Netflix by 103.4% in the 1st quarter. Sovereign Financial Group Inc. now owns 1,206 shares of the Internet television network’s stock worth $1,125,000 after purchasing an additional 613 shares during the period. Institutional investors own 80.93% of the company’s stock.

Netflix Stock Down 0.7%

Shares of NFLX stock opened at $1,241.47 on Friday. The stock has a market cap of $528.33 billion, a P/E ratio of 62.61, a PEG ratio of 2.12 and a beta of 1.59. Netflix, Inc. has a 52 week low of $587.04 and a 52 week high of $1,262.81. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.56. The company’s fifty day simple moving average is $1,087.80 and its two-hundred day simple moving average is $987.81.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, topping the consensus estimate of $5.74 by $0.87. The business had revenue of $10.54 billion for the quarter, compared to analysts’ expectations of $10.51 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. During the same quarter in the previous year, the company earned $8.28 EPS. Analysts predict that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on NFLX shares. Bank of America lifted their target price on shares of Netflix from $1,175.00 to $1,490.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Phillip Securities raised shares of Netflix from a “moderate sell” rating to a “hold” rating in a research report on Monday, April 21st. Needham & Company LLC reissued a “buy” rating and set a $1,126.00 price objective on shares of Netflix in a research report on Thursday, April 17th. Robert W. Baird boosted their price objective on shares of Netflix from $1,200.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. Finally, Wedbush reissued an “outperform” rating and set a $1,200.00 price objective on shares of Netflix in a research report on Monday, May 5th. Eleven investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,149.91.

Insiders Place Their Bets

In other Netflix news, Chairman Reed Hastings sold 25,360 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $921.15, for a total value of $23,360,364.00. Following the sale, the chairman now owns 394 shares in the company, valued at $362,933.10. The trade was a 98.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mather sold 1,358 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $1,150.00, for a total transaction of $1,561,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 153,390 shares of company stock worth $170,509,439 in the last 90 days. 1.37% of the stock is currently owned by corporate insiders.

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.