Netflix, Inc. (NASDAQ:NFLX) Shares Sold by Korea Investment CORP
In the fourth quarter, Korea Investment CORP reduced its stake in Netflix, Inc. (NASDAQ:NFLX) by 20.8%, as reflected in its latest Form 13F filing with the Securities & Exchange Commission. The firm sold 98,398 shares, leaving it with 374,498 shares in the Internet television network. At the close of the quarter, Netflix constituted approximately 0.8% of Korea Investment CORP’s investment portfolio, making it the 18th largest holding. Korea Investment CORP’s Netflix shares were valued at $333,798,000 by the quarter’s end.
Several other large investors also adjusted their hold in Netflix shares during the same period. Notably, West Michigan Advisors LLC increased its shares by 1.3%, bringing its total to 776 shares, now valued at $692,000. Warwick Investment Management Inc. raised its holdings by 3.5% to 298 shares, worth $266,000. MRP Capital Investments LLC saw a 1% increase, bringing its tally to 1,052 shares valued at $938,000. Enzi Wealth and TCI Wealth Advisors Inc. also lifted their stakes, with respective increases of 3.4% and 1.6%.
In other company news, Director Richard N. Barton sold 6,364 shares of Netflix stock at an average price of $879.38 on January 7th, marking a 96.28% decrease in his ownership. Additionally, CEO Gregory K. Peters sold 102,228 shares on January 30th at $980.74 per share, reducing his ownership by 88.76%. Overall, insiders sold a total of 288,583 shares valued at $279,611,567 over the past ninety days. Insiders currently own 1.76% of Netflix’s stock.
Research analysts have recently adjusted their views on Netflix. StockNews.com downgraded the stock from a “buy” to a “hold” rating. However, Barclays upgraded it from “underweight” to “equal weight,” increasing the price objective from $715.00 to $900.00. Bank of America and Rosenblatt Securities both increased their price targets due to optimistic forecasts, with Macquarie rating the company as “outperform.” Currently, Netflix holds a consensus “Moderate Buy” rating with an average price target of $1,016.78.
As of Thursday, Netflix’s shares were trading at $970.65. The company’s 50-day simple moving average is $967.54, and the 200-day moving average is $864.18. Moreover, over the past year, Netflix’s shares have ranged from a low of $542.01 to a high of $1,064.50. The firm boasts a market capitalization of $415.20 billion, a PE ratio of 48.95, and a price-to-earnings-growth ratio of 2.12, with a beta of 1.38.
In the last reported quarterly earnings, Netflix announced a $0.07 EPS above analysts’ consensus estimates, with a posted EPS of $4.27 for the quarter. Accordingly, Netflix achieved a net margin of 22.34% and a return on equity of 38.32%. Revenue for the quarter was $10.25 billion, exceeding analyst expectations of $10.14 billion. Netflix’s quarterly revenue saw a significant 16% increase from the previous year. Analysts predict Netflix, Inc. will post 24.58 EPS for the current year.
Netflix, Inc., a prominent provider of entertainment services, offers a wide variety of TV series, documentaries, feature films, and games in multiple genres and languages. The company also allows members to access streaming content using diverse internet-connected devices like TVs, digital video players, set-top boxes, and mobile devices.
