PNC Financial Services Group Inc. Decreases Holdings in Netflix, Inc. (NASDAQ:NFLX)

PNC Financial Services Group Inc. decreased its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 2.5% in the third quarter, HoldingsChannel reports. The fund owned 159,413 shares of the Internet television network’s stock after selling 4,068 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Netflix were worth $113,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. LGT Group Foundation acquired a new position in Netflix during the 1st quarter valued at approximately $146,000. Fayez Sarofim & Co increased its stake in Netflix by 37.4% during the 1st quarter. Fayez Sarofim & Co now owns 581 shares of the Internet television network’s stock valued at $353,000 after purchasing an additional 158 shares in the last quarter. CreativeOne Wealth LLC increased its stake in Netflix by 80.1% during the 1st quarter. CreativeOne Wealth LLC now owns 2,520 shares of the Internet television network’s stock valued at $1,531,000 after purchasing an additional 1,121 shares in the last quarter. Freestone Capital Holdings LLC increased its stake in shares of Netflix by 3.8% in the first quarter. Freestone Capital Holdings LLC now owns 8,114 shares of the Internet television network’s stock worth $4,928,000 after acquiring an additional 295 shares during the period. Finally, EP Wealth Advisors LLC increased its stake in shares of Netflix by 23.3% in the first quarter. EP Wealth Advisors LLC now owns 11,002 shares of the Internet television network’s stock worth $6,682,000 after acquiring an additional 2,080 shares during the period. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NFLX shares. Needham & Company LLC increased their price objective on shares of Netflix from $700.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of Netflix from $750.00 to $850.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Piper Sandler reiterated an “overweight” rating and issued a $840.00 price objective (up previously from $800.00) on shares of Netflix in a research note on Friday, October 18th. Evercore ISI increased their price objective on shares of Netflix from $750.00 to $775.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Netflix from $590.00 to $650.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, Netflix currently has an average rating of “Moderate Buy” and a consensus price target of $753.45.

Netflix Trading Up 2.9 %

Shares of NFLX stock opened at $871.32 on Wednesday. Netflix, Inc. has a fifty-two week low of $445.73 and a fifty-two week high of $874.49. The company has a 50 day moving average price of $743.15 and a 200 day moving average price of $685.41. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $372.45 billion, a P/E ratio of 49.31, a price-to-earnings-growth ratio of 1.59 and a beta of 1.25.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Thursday, October 17th. The Internet television network reported $5.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.09 by $0.31. Netflix had a net margin of 20.70% and a return on equity of 35.86%. The company had revenue of $9.82 billion during the quarter, compared to the consensus estimate of $9.77 billion. Equities research analysts predict that Netflix, Inc. will post 19.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Timothy M. Haley sold 647 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $800.19, for a total transaction of $517,722.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Reed Hastings sold 25,074 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $680.92, for a total transaction of $17,073,388.08. Following the sale, the chairman now owns 85 shares of the company’s stock, valued at $57,878.20. This represents a 99.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,277 shares of company stock worth $132,875,601 over the last 90 days. 1.76% of the stock is owned by insiders.

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.