Main Street Research LLC Grows Holdings in Netflix, Inc. (NASDAQ:NFLX)

Main Street Research LLC increased its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 10,404.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,702 shares of the Internet television network’s stock after buying an additional 41,305 shares during the period. Netflix comprises approximately 2.5% of Main Street Research LLC’s holdings, making the stock its 17th largest holding. Main Street Research LLC’s holdings in Netflix were worth $38,888,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in NFLX. Nisa Investment Advisors LLC raised its position in Netflix by 2.1% during the first quarter. Nisa Investment Advisors LLC now owns 146,716 shares of the Internet television network’s stock valued at $136,817,000 after acquiring an additional 2,976 shares in the last quarter. Banque Pictet & Cie SA boosted its stake in shares of Netflix by 7.3% in the first quarter. Banque Pictet & Cie SA now owns 28,206 shares of the Internet television network’s stock worth $26,303,000 after acquiring an additional 1,924 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in Netflix by 3.2% during the first quarter. Axxcess Wealth Management LLC now owns 26,197 shares of the Internet television network’s stock worth $24,336,000 after buying an additional 801 shares during the last quarter. Cornerstone Planning Group LLC boosted its stake in Netflix by 151.2% during the first quarter. Cornerstone Planning Group LLC now owns 314 shares of the Internet television network’s stock worth $293,000 after buying an additional 189 shares during the last quarter. Finally, Principal Securities Inc. lifted its stake in shares of Netflix by 0.8% in the 1st quarter. Principal Securities Inc. now owns 8,407 shares of the Internet television network’s stock valued at $7,493,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 80.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Loop Capital restated a “hold” rating on shares of Netflix in a report on Monday, March 24th. Wolfe Research set a $1,340.00 target price on Netflix and gave the stock an “outperform” rating in a research note on Friday, May 16th. Benchmark reaffirmed a “hold” rating on shares of Netflix in a research note on Monday, April 21st. Piper Sandler set a $1,150.00 price objective on Netflix and gave the stock an “overweight” rating in a report on Monday, April 21st. Finally, Morgan Stanley lifted their target price on Netflix from $1,150.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Netflix currently has a consensus rating of “Moderate Buy” and an average target price of $1,185.61.

Netflix Trading Up 0.3%

NFLX traded up $3.37 during trading hours on Wednesday, reaching $1,278.68. 443,958 shares of the company’s stock traded hands, compared to its average volume of 3,752,748. The firm has a 50-day moving average price of $1,214.45 and a 200 day moving average price of $1,042.85. Netflix, Inc. has a 52-week low of $587.04 and a 52-week high of $1,341.15. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $544.17 billion, a PE ratio of 60.48, a PEG ratio of 2.34 and a beta of 1.59.

Netflix (NASDAQ:NFLX) last released 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 firm had revenue of $10.54 billion during the quarter, compared to analyst estimates of $10.51 billion. Netflix had a return on equity of 39.61% and a net margin of 23.07%. During the same period in the previous year, the company posted $8.28 EPS. As a group, sell-side analysts predict that Netflix, Inc. will post 24.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Spencer Adam Neumann sold 2,601 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $1,307.22, for a total value of $3,400,079.22. Following the sale, the chief financial officer directly owned 3,691 shares in the company, valued at approximately $4,824,949.02. 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 accessible through the SEC website. Also, Director Strive Masiyiwa sold 290 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $1,336.54, for a total value of $387,596.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 186,723 shares of company stock valued at $223,307,201. Insiders own 1.37% of the company’s stock.

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.