Covenant Asset Management LLC Sells 620 Shares of Netflix, Inc. (NFLX)

Covenant Asset Management LLC cut its position in shares of Netflix, Inc. (NASDAQ:NFLX) by 4.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,994 shares of the Internet television network’s stock after selling 620 shares during the quarter. Netflix comprises about 2.6% of Covenant Asset Management LLC’s holdings, making the stock its 5th largest position. Covenant Asset Management LLC’s holdings in Netflix were worth $4,990,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc lifted its stake in shares of Netflix by 59.3% in the fourth quarter. Versant Capital Management Inc now owns 94 shares of the Internet television network’s stock valued at $25,000 after buying an additional 35 shares in the last quarter. Clarfeld Financial Advisors LLC bought a new position in shares of Netflix in the fourth quarter valued at $27,000. Pearl River Capital LLC bought a new position in shares of Netflix in the fourth quarter valued at $30,000. NuWave Investment Management LLC lifted its stake in shares of Netflix by 338.5% in the fourth quarter. NuWave Investment Management LLC now owns 114 shares of the Internet television network’s stock valued at $31,000 after buying an additional 88 shares in the last quarter. Finally, Citizens Financial Group Inc RI lifted its stake in shares of Netflix by 750.0% in the fourth quarter. Citizens Financial Group Inc RI now owns 136 shares of the Internet television network’s stock valued at $36,000 after buying an additional 120 shares in the last quarter. Institutional investors own 76.08% of the company’s stock.

Shares of NFLX traded up $5.46 during trading hours on Wednesday, hitting $359.73. The company’s stock had a trading volume of 6,018,237 shares, compared to its average volume of 8,787,588. The company has a market capitalization of $154.69 billion, a price-to-earnings ratio of 134.23, a PEG ratio of 3.53 and a beta of 1.33. Netflix, Inc. has a 52-week low of $231.23 and a 52-week high of $423.21. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.81.

Netflix (NASDAQ:NFLX) last announced its earnings results on Tuesday, April 16th. The Internet television network reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.19. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.50 billion. Netflix had a net margin of 7.61% and a return on equity of 24.75%. Netflix’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 earnings per share. On average, sell-side analysts expect that Netflix, Inc. will post 3.35 earnings per share for the current fiscal year.

In other news, CEO Reed Hastings sold 57,414 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $348.88, for a total value of $20,030,596.32. Following the completion of the sale, the chief executive officer now directly owns 57,414 shares in the company, valued at approximately $20,030,596.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anne M. Sweeney sold 1,649 shares of Netflix stock in a transaction on Monday, February 25th. The stock was sold at an average price of $370.00, for a total transaction of $610,130.00. Following the completion of the transaction, the director now directly owns 609 shares in the company, valued at $225,330. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,487 shares of company stock valued at $61,025,502. Company insiders own 4.29% of the company’s stock.

NFLX has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “hold” rating on shares of Netflix in a research note on Wednesday, April 17th. UBS Group dropped their price target on shares of Netflix from $425.00 to $410.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. SunTrust Banks reissued a “buy” rating on shares of Netflix in a research report on Friday, April 12th. Barclays reissued a “buy” rating on shares of Netflix in a research report on Thursday, May 16th. Finally, ValuEngine lowered shares of Netflix from a “buy” rating to a “hold” rating in a research report on Saturday, April 13th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $385.03.

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Netflix Company Profile

Netflix, Inc provides Internet entertainment services. The company operates in three segments: Domestic streaming, International streaming, and Domestic DVD. It offers TV series, documentaries, and feature films across various genres and languages. The company provides members the ability to receive streaming content through a host of Internet-connected screens, including TVs, digital video players, television set-top boxes, and mobile devices.

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Institutional Ownership by Quarter for Netflix (NASDAQ:NFLX)

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