Netflix (NASDAQ:NFLX) Shares Down 2.6% – Here’s What Happened

Netflix, Inc. (NASDAQ:NFLX)’s share price was down 2.6% during mid-day trading on Monday . The stock traded as low as $1,107.03 and last traded at $1,110.93. Approximately 2,565,038 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 3,736,239 shares. The stock had previously closed at $1,140.22.

Analysts Set New Price Targets

Several research analysts recently issued reports on NFLX shares. Benchmark reiterated a “hold” rating on shares of Netflix in a research note on Monday, April 21st. Moffett Nathanson reaffirmed a “buy” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of Netflix in a report on Friday, April 18th. Seaport Res Ptn raised shares of Netflix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 15th. Guggenheim reaffirmed a “buy” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of Netflix in a report on Friday, April 18th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Netflix from $1,025.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Netflix has an average rating of “Moderate Buy” and a consensus target price of $1,084.91.

Netflix Trading Down 2.7%

The firm has a market cap of $472.38 billion, a PE ratio of 55.98, a PEG ratio of 2.12 and a beta of 1.58. The business has a 50-day moving average price of $984.97 and a two-hundred day moving average price of $934.31. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.22 and a quick ratio of 1.22.

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

Insider Activity

In related news, Director Jay C. Hoag sold 32,515 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $1,101.97, for a total transaction of $35,830,554.55. Following the completion of the transaction, the director now owns 79,040 shares of the company’s stock, valued at $87,099,708.80. This trade represents a 29.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Cletus R. Willems sold 298 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $1,138.00, for a total value of $339,124.00. Following the completion of the sale, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $35,972,180. This represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,591 shares of company stock worth $132,515,581. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Netflix

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Netflix by 109,524.3% in the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network’s stock valued at $8,239,576,000 after buying an additional 8,827,662 shares during the last quarter. Norges Bank bought a new position in Netflix in the 4th quarter valued at $5,019,087,000. Proficio Capital Partners LLC raised its position in Netflix by 123,836.7% in the 4th quarter. Proficio Capital Partners LLC now owns 1,925,977 shares of the Internet television network’s stock valued at $1,716,662,000 after purchasing an additional 1,924,423 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Netflix by 57.3% during the first quarter. Goldman Sachs Group Inc. now owns 3,393,064 shares of the Internet television network’s stock worth $3,164,134,000 after acquiring an additional 1,236,251 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Netflix by 59.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network’s stock valued at $2,051,016,000 after purchasing an additional 856,307 shares during the last quarter. 80.93% of the stock is owned by hedge funds and other institutional investors.

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.