Patton Fund Management Inc. Decreases Holdings in Netflix, Inc. (NASDAQ:NFLX)

Patton Fund Management Inc. trimmed its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 22.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,557 shares of the Internet television network’s stock after selling 1,634 shares during the quarter. Netflix accounts for approximately 1.3% of Patton Fund Management Inc.’s holdings, making the stock its 19th biggest holding. Patton Fund Management Inc.’s holdings in Netflix were worth $5,182,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Consilium Wealth Advisory LLC purchased a new stake in shares of Netflix during the 1st quarter valued at about $498,000. Vista Investment Partners LLC raised its position in shares of Netflix by 11.2% during the 1st quarter. Vista Investment Partners LLC now owns 388 shares of the Internet television network’s stock valued at $362,000 after buying an additional 39 shares in the last quarter. AA Financial Advisors LLC raised its position in shares of Netflix by 3.0% during the 1st quarter. AA Financial Advisors LLC now owns 1,148 shares of the Internet television network’s stock valued at $1,070,000 after buying an additional 33 shares in the last quarter. WD Rutherford LLC raised its position in Netflix by 5.7% in the 1st quarter. WD Rutherford LLC now owns 4,994 shares of the Internet television network’s stock worth $4,876,000 after purchasing an additional 269 shares during the period. Finally, Inscription Capital LLC purchased a new stake in Netflix in the 1st quarter worth about $785,000. 80.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $1,200.00 price objective (up from $1,175.00) on shares of Netflix in a research report on Friday, April 18th. Piper Sandler set a $1,150.00 price objective on shares of Netflix and gave the stock an “overweight” rating in a research report on Monday, April 21st. Morgan Stanley increased their price objective on shares of Netflix from $1,150.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, April 21st. Bank of America increased their price objective 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. Finally, Macquarie increased their price objective on shares of Netflix from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Monday, April 21st. Eleven research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,156.73.

Insider Activity

In other Netflix news, CFO Spencer Adam Neumann sold 2,601 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $921.72, for a total value of $2,397,393.72. Following the completion of the sale, the chief financial officer now directly owns 3,691 shares in the company, valued at $3,402,068.52. This trade represents a 41.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cletus R. Willems sold 298 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $1,138.00, for a total transaction of $339,124.00. Following the completion of the sale, the insider now owns 31,610 shares of the company’s stock, valued at approximately $35,972,180. This trade represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,140 shares of company stock worth $210,271,552. Corporate insiders own 1.37% of the company’s stock.

Netflix Price Performance

NASDAQ NFLX opened at $1,225.35 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22. The firm’s 50 day moving average price is $1,127.47 and its 200-day moving average price is $1,003.32. Netflix, Inc. has a 52-week low of $587.04 and a 52-week high of $1,262.81. The company has a market cap of $521.47 billion, a PE ratio of 61.79, a P/E/G ratio of 2.12 and a beta of 1.59.

Netflix (NASDAQ:NFLX) last released 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. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The firm had revenue of $10.54 billion for the quarter, compared to the consensus estimate of $10.51 billion. During the same period last year, the firm earned $8.28 earnings per share. Sell-side analysts forecast that Netflix, Inc. will post 24.58 EPS 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.