Meritage Portfolio Management Reduces Position in Netflix, Inc. (NFLX)
Meritage Portfolio Management trimmed its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 76.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 721 shares of the Internet television network’s stock after selling 2,309 shares during the quarter. Meritage Portfolio Management’s holdings in Netflix were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Guidant Wealth Advisors increased its stake in shares of Netflix by 190.5% in the 2nd quarter. Guidant Wealth Advisors now owns 305 shares of the Internet television network’s stock worth $121,000 after purchasing an additional 200 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Netflix in the 2nd quarter worth $124,000. BerganKDV Wealth Management LLC purchased a new stake in shares of Netflix in the 2nd quarter worth $137,000. Peoples Financial Services CORP. increased its stake in shares of Netflix by 94.3% in the 2nd quarter. Peoples Financial Services CORP. now owns 412 shares of the Internet television network’s stock worth $161,000 after purchasing an additional 200 shares in the last quarter. Finally, Squar Milner Financial Services LLC purchased a new stake in shares of Netflix in the 2nd quarter worth $162,000. 76.80% of the stock is currently owned by hedge funds and other institutional investors.
Netflix traded down $3.49, hitting $345.87, during trading on Friday, MarketBeat reports. 4,318,939 shares of the company’s stock traded hands, compared to its average volume of 14,108,888. The firm has a market cap of $152.13 billion, a price-to-earnings ratio of 276.70, a PEG ratio of 4.33 and a beta of 0.76. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.86. Netflix, Inc. has a 1 year low of $164.23 and a 1 year high of $423.21.
In other Netflix news, CEO Reed Hastings sold 86,037 shares of Netflix stock in a transaction on Monday, May 21st. The shares were sold at an average price of $329.73, for a total value of $28,368,980.01. Following the transaction, the chief executive officer now directly owns 86,037 shares of the company’s stock, valued at $28,368,980.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David B. Wells sold 1,000 shares of Netflix stock in a transaction on Monday, May 14th. The stock was sold at an average price of $327.25, for a total transaction of $327,250.00. Following the completion of the transaction, the chief financial officer now directly owns 1,000 shares in the company, valued at $327,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 434,027 shares of company stock worth $158,902,715. 4.29% of the stock is currently owned by corporate insiders.
A number of equities research analysts have issued reports on the company. UBS Group lowered Netflix from a “buy” rating to a “neutral” rating and cut their price target for the stock from $425.00 to $237.00 in a research note on Wednesday, July 11th. Credit Suisse Group reiterated a “neutral” rating and issued a $330.00 price target on shares of Netflix in a research note on Thursday, June 21st. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $385.00 price target on shares of Netflix in a research note on Wednesday, July 11th. Pivotal Research increased their price target on Netflix from $420.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, June 21st. Finally, Nomura assumed coverage on Netflix in a research note on Tuesday, July 10th. They issued a “neutral” rating and a $370.00 price target for the company. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirty-one have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $347.19.
Netflix, Inc, an Internet television network, engages in the Internet delivery of television (TV) shows and movies on various Internet-connected screens. It operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD. The company offers TV shows and movies, including original series, documentaries, and feature films.
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