Netflix, Inc. $NFLX Position Boosted by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 10.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,252 shares of the Internet television network’s stock after acquiring an additional 25,612 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Netflix were worth $18,735,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Nykredit A S purchased a new stake in Netflix during the 2nd quarter worth approximately $105,697,000. Rockland Trust Co. boosted its position in Netflix by 27.5% in the 3rd quarter. Rockland Trust Co. now owns 219,221 shares of the Internet television network’s stock valued at $15,253,000 after buying an additional 47,339 shares during the period. University of Texas Texas AM Investment Management Co. grew its stake in shares of Netflix by 798.5% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 42,542 shares of the Internet television network’s stock worth $3,989,000 after acquiring an additional 37,807 shares in the last quarter. Ritholtz Wealth Management grew its stake in shares of Netflix by 25.0% in the first quarter. Ritholtz Wealth Management now owns 106,451 shares of the Internet television network’s stock worth $10,235,000 after acquiring an additional 21,260 shares in the last quarter. Finally, Welch & Forbes LLC grew its stake in shares of Netflix by 3,464.5% in the first quarter. Welch & Forbes LLC now owns 118,448 shares of the Internet television network’s stock worth $11,389,000 after acquiring an additional 115,125 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Netflix Stock Down 0.2%

NFLX stock opened at $70.46 on Wednesday. The company has a market cap of $293.39 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 1.00 and a beta of 1.62. The company has a fifty day moving average price of $75.34 and a 200 day moving average price of $81.03. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 1.14. Netflix, Inc. has a 12 month low of $65.08 and a 12 month high of $124.86.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NFLX shares. Robert W. Baird set a $90.00 target price on Netflix and gave the company an “outperform” rating in a report on Wednesday, July 22nd. The Goldman Sachs Group restated a “buy” rating and set a $90.00 price target on shares of Netflix in a report on Tuesday, October 6th. JPMorgan Chase & Co. restated a “buy” rating on shares of Netflix in a report on Thursday, August 20th. TD Cowen reaffirmed a “buy” rating and issued a $100.00 price target on shares of Netflix in a research report on Monday, October 5th. Finally, Pivotal Research decreased their price objective on Netflix from $96.00 to $70.00 and set a “hold” rating for the company in a research note on Friday, July 17th. Three analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.53.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Netflix secured exclusive rights to broadcast the 2030 FIFA World Cup in Spain and Andorra, potentially strengthening engagement and subscriber retention in an important international market. Netflix lands 2030 World Cup rights
• Positive Sentiment: Some analysts and investors view the selloff as an opportunity: Netflix remains highly profitable, continues to grow revenue, and trades at roughly 22 times trailing earnings—well below its historical valuation. KeyCorp maintained an overweight rating despite lowering its price target from $92 to $85. Investor sees Netflix as a buying opportunity
• Neutral Sentiment: Netflix is scheduled to report third-quarter results on October 20. Investors will focus on whether the company can meet its roughly 12% revenue-growth outlook, sustain free-cash-flow generation, and provide evidence that advertising and new content investments are improving results. Netflix earnings and free cash flow preview
• Negative Sentiment: Huber Research issued a rare double downgrade, moving Netflix from Buy to Sell and cutting its price target. Other coverage also highlighted slowing viewership, rising content costs, competitive pressure from YouTube and concerns about profit margins ahead of earnings. Netflix receives double downgrade
• Negative Sentiment: Growth is decelerating in Netflix’s largest market: U.S. and Canada revenue growth slowed to 10% and represented approximately 43% of second-quarter revenue. Investors are questioning whether international growth can offset weaker performance at home. Netflix regional growth concerns
• Negative Sentiment: Reports that Netflix may pursue its largest workforce reduction in four years reinforce concerns that management is responding to weaker growth and investor skepticism.

Insider Activity

In other news, CFO Spencer Neumann sold 9,248 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $75.79, for a total transaction of $700,905.92. Following the transaction, the chief financial officer directly owned 73,787 shares of the company’s stock, valued at $5,592,316.73. This represents a 11.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard Barton sold 2,160 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $75.10, for a total transaction of $162,216.00. Following the transaction, the director owned 246 shares in the company, valued at $18,474.60. The trade was a 89.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 179,045 shares of company stock valued at $13,132,194 over the last three months. 1.24% of the stock is currently owned by corporate insiders.

About Netflix

Netflix, Inc (NASDAQ:NFLX) is a global entertainment company that operates a subscription-based streaming service. It offers a broad range of television series, films, documentaries, and other programming, including original productions developed under the Netflix brand and licensed content from third-party studios.

The company also provides advertising-supported viewing options in some markets and has expanded into related entertainment categories, including mobile and cloud-based games, live programming, and consumer products associated with selected titles.