Sunbelt Securities Inc. Lowers Stake in Netflix, Inc. (NASDAQ:NFLX)

Posted by on Mar 16th, 2023

Sunbelt Securities Inc. lessened its position in shares of Netflix, Inc. (NASDAQ:NFLX – Get Rating) by 7.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,073 shares of the Internet television network’s stock after selling 338 shares during the period. Sunbelt Securities Inc.’s holdings in Netflix were worth $959,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NFLX. Community Bank N.A. lifted its holdings in shares of Netflix by 10.0% in the third quarter. Community Bank N.A. now owns 385 shares of the Internet television network’s stock valued at $91,000 after purchasing an additional 35 shares in the last quarter. Carolinas Wealth Consulting LLC lifted its holdings in shares of Netflix by 27.6% in the third quarter. Carolinas Wealth Consulting LLC now owns 162 shares of the Internet television network’s stock valued at $38,000 after purchasing an additional 35 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in shares of Netflix by 4.2% in the third quarter. Clearstead Advisors LLC now owns 1,017 shares of the Internet television network’s stock valued at $239,000 after purchasing an additional 41 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Netflix by 1.2% in the second quarter. Checchi Capital Advisers LLC now owns 3,624 shares of the Internet television network’s stock valued at $815,000 after purchasing an additional 42 shares in the last quarter. Finally, TCG Advisory Services LLC lifted its holdings in shares of Netflix by 2.6% in the second quarter. TCG Advisory Services LLC now owns 1,673 shares of the Internet television network’s stock valued at $293,000 after purchasing an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 77.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Credit Suisse Group increased their target price on Netflix from $271.00 to $291.00 and gave the company a “neutral” rating in a report on Friday, January 20th. Cowen set a $405.00 target price on Netflix in a report on Friday, December 9th. Barclays increased their price objective on Netflix from $235.00 to $250.00 and gave the stock an “equal weight” rating in a report on Friday, January 20th. JPMorgan Chase & Co. increased their price objective on Netflix from $330.00 to $390.00 and gave the stock an “overweight” rating in a report on Friday, January 20th. Finally, Piper Sandler increased their price objective on Netflix from $270.00 to $325.00 and gave the stock a “neutral” rating in a report on Friday, January 20th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, Netflix has a consensus rating of “Hold” and a consensus price target of $343.00.

Netflix Stock Up 3.0 %

NFLX stock opened at $303.79 on Thursday. Netflix, Inc. has a twelve month low of $162.71 and a twelve month high of $396.50. The company has a market cap of $135.29 billion, a PE ratio of 30.53, a price-to-earnings-growth ratio of 1.36 and a beta of 1.26. The business’s 50-day simple moving average is $335.20 and its 200 day simple moving average is $291.51. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.69.

Netflix (NASDAQ:NFLX – Get Rating) last released its earnings results on Thursday, January 19th. The Internet television network reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.35). Netflix had a return on equity of 23.06% and a net margin of 14.21%. The firm had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.85 billion. During the same period last year, the business earned $1.33 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, research analysts anticipate that Netflix, Inc. will post 11.18 earnings per share for the current year.

Insider Buying and Selling

In other Netflix news, Director Jay C. Hoag sold 3,698 shares of the firm’s stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $352.94, for a total transaction of $1,305,172.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.39% of the stock is owned by company insiders.

About Netflix

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Netflix, Inc engages in providing entertainment services. It also offers a broad set of activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.

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