Concorde Asset Management LLC Sells 28 Shares of Netflix, Inc. (NASDAQ:NFLX)

Concorde Asset Management LLC trimmed its holdings in shares of Netflix, Inc. (NASDAQ:NFLX) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 765 shares of the Internet television network’s stock after selling 28 shares during the quarter. Concorde Asset Management LLC’s holdings in Netflix were worth $516,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Denver PWM LLC acquired a new position in shares of Netflix in the second quarter worth approximately $25,000. Valued Wealth Advisors LLC raised its holdings in Netflix by 80.0% during the 1st quarter. Valued Wealth Advisors LLC now owns 45 shares of the Internet television network’s stock worth $27,000 after purchasing an additional 20 shares during the last quarter. VitalStone Financial LLC lifted its position in shares of Netflix by 933.3% in the 4th quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock worth $30,000 after purchasing an additional 56 shares during the period. Beaird Harris Wealth Management LLC boosted its stake in shares of Netflix by 1,550.0% in the 4th quarter. Beaird Harris Wealth Management LLC now owns 66 shares of the Internet television network’s stock valued at $32,000 after purchasing an additional 62 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new stake in shares of Netflix during the fourth quarter worth $32,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Jay C. Hoag sold 43,750 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $687.07, for a total transaction of $30,059,312.50. Following the completion of the transaction, the director now directly owns 95,040 shares of the company’s stock, valued at approximately $65,299,132.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Reed Hastings sold 25,074 shares of Netflix stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $680.92, for a total value of $17,073,388.08. Following the completion of the sale, the chairman now owns 85 shares of the company’s stock, valued at approximately $57,878.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jay C. Hoag sold 43,750 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $687.07, for a total transaction of $30,059,312.50. Following the sale, the director now directly owns 95,040 shares in the company, valued at $65,299,132.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 196,798 shares of company stock worth $129,552,672. Insiders own 1.76% of the company’s stock.

Netflix Stock Performance

Shares of NFLX opened at $690.47 on Thursday. The stock has a 50 day moving average of $660.90 and a 200 day moving average of $639.51. The company has a market capitalization of $297.59 billion, a price-to-earnings ratio of 47.92, a PEG ratio of 1.40 and a beta of 1.26. Netflix, Inc. has a 12 month low of $344.73 and a 12 month high of $711.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.55.

Netflix (NASDAQ:NFLX) last announced its earnings results on Thursday, July 18th. The Internet television network reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.74 by $0.14. The firm had revenue of $9.56 billion during the quarter, compared to analyst estimates of $9.53 billion. Netflix had a return on equity of 32.93% and a net margin of 19.54%. The business’s revenue was up 16.8% compared to the same quarter last year. During the same period last year, the firm posted $3.29 EPS. As a group, sell-side analysts forecast that Netflix, Inc. will post 19.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on NFLX shares. Morgan Stanley upped their price target on shares of Netflix from $700.00 to $780.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. The Goldman Sachs Group upped their target price on Netflix from $650.00 to $659.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Citigroup lifted their target price on Netflix from $660.00 to $675.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. China Renaissance initiated coverage on Netflix in a report on Thursday, September 5th. They set a “hold” rating and a $680.00 price target on the stock. Finally, Redburn Atlantic raised their price objective on shares of Netflix from $740.00 to $760.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $685.29.

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.