State Street Corp Purchases 8,474,820 Shares of Netflix, Inc. $NFLX

State Street Corp increased its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 4.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 180,129,582 shares of the Internet television network’s stock after buying an additional 8,474,820 shares during the quarter. State Street Corp’s holdings in Netflix were worth $12,861,252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NFLX. Cornerstone Financial Management LLC bought a new stake in shares of Netflix during the fourth quarter worth $26,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Netflix in the 2nd quarter valued at $26,000. Lloyd Advisory Services LLC. acquired a new position in Netflix in the 4th quarter worth $28,000. Core Wealth Advisors LLC acquired a new position in Netflix in the 4th quarter worth $28,000. Finally, Evolution Wealth Management Inc. increased its holdings in Netflix by 2,284.6% during the 4th quarter. Evolution Wealth Management Inc. now owns 310 shares of the Internet television network’s stock worth $29,000 after purchasing an additional 297 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Netflix news, CFO Spencer Neumann sold 9,248 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $75.79, for a total transaction of $700,905.92. Following the transaction, the chief financial officer owned 73,787 shares of the company’s stock, valued at $5,592,316.73. The trade was a 11.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Theodore A. Sarandos sold 27,312 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $73.35, for a total value of $2,003,335.20. Following the transaction, the chief executive officer directly owned 178,954 shares in the company, valued at approximately $13,126,275.90. This trade represents a 13.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 179,045 shares of company stock worth $13,132,194 in the last 90 days. 1.24% of the stock is owned by corporate insiders.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Bill Ackman’s Pershing Square disclosed a roughly $1 billion Netflix position, signaling confidence that the company’s current business prospects are stronger than when Ackman exited the stock in 2022. Ackman Bets $1 Billion on Netflix Redemption After $400 Million 2022 Loss
• Positive Sentiment: BMO argued that investors may be overly negative after Netflix’s more than 20% year-to-date decline, while other analysts said valuation and the company’s long-term cash-generation potential could limit further downside. Investors Are Overly Negative, Says BMO About Netflix Stock
• Neutral Sentiment: Netflix’s next quarterly report, expected around October 20, is becoming an important catalyst as investors look for evidence that subscriber engagement, content performance and revenue growth remain healthy. Should You Buy Netflix Stock Before Oct. 20?
• Neutral Sentiment: Netflix’s decision to stay out of the potential Paramount-Warner Bros. Discovery transaction avoids acquisition risk, but it also leaves the company without the additional scale or content assets that a deal could have provided. Paramount Could Acquire Warner Bros. Discovery Sooner Than Expected
• Negative Sentiment: HSBC downgraded Netflix from Buy to Hold and reduced its price target by 21% to $76, citing a less favorable risk-reward profile. Netflix Stock Falls after HSBC Downgrade and 21% Price Target Cut
• Negative Sentiment: Wells Fargo cut Netflix to Underweight and lowered its target to $57 from $80, pointing to engagement concerns, intensifying competition and a deceleration in growth. These calls have reinforced the recent selloff and pushed shares below their long-term moving averages. Wells Fargo Cuts Netflix to Underweight

Netflix Stock Down 1.9%

NFLX traded down $1.42 during trading on Tuesday, reaching $71.94. 16,992,276 shares of the stock were exchanged, compared to its average volume of 42,875,742. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.14 and a current ratio of 1.14. The stock’s 50 day moving average price is $75.81 and its two-hundred day moving average price is $83.86. Netflix, Inc. has a twelve month low of $65.08 and a twelve month high of $124.86. The stock has a market cap of $299.54 billion, a P/E ratio of 22.66, a price-to-earnings-growth ratio of 1.01 and a beta of 1.53.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, July 16th. The Internet television network reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The firm had revenue of $12.56 billion during the quarter, compared to analysts’ expectations of $12.58 billion. During the same quarter last year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts expect that Netflix, Inc. will post 3.59 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. China Intl Cap upgraded Netflix to a “strong-buy” rating in a report on Tuesday, July 21st. Rosenblatt Securities set a $75.00 price objective on Netflix and gave the stock a “neutral” rating in a report on Friday, July 17th. TD Cowen dropped their target price on Netflix from $112.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Evercore restated an “outperform” rating and issued a $110.00 target price (up from $100.00) on shares of Netflix in a research note on Monday, September 14th. Finally, Bank of America reduced their price target on Netflix from $125.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Four analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.51.

Netflix Company Profile

Netflix, Inc (NASDAQ:NFLX) is a global entertainment company that provides subscription-based streaming access to television series, films, documentaries and other video content. Its service includes Netflix-produced and licensed programming, with offerings that may vary by market. The company also provides an advertising-supported plan in selected countries and has expanded into mobile games and other interactive entertainment.

Netflix was founded in 1997 by Reed Hastings and Marc Randolph as a DVD-by-mail rental service in the United States.