Covington Capital Management Sells 8,232 Shares of Netflix, Inc. (NASDAQ:NFLX)

Covington Capital Management decreased its stake in shares of Netflix, Inc. (NASDAQ:NFLXGet Rating) by 83.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,613 shares of the Internet television network’s stock after selling 8,232 shares during the period. Covington Capital Management’s holdings in Netflix were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NFLX. Continuum Advisory LLC raised its holdings in Netflix by 0.7% in the fourth quarter. Continuum Advisory LLC now owns 3,872 shares of the Internet television network’s stock valued at $1,461,000 after acquiring an additional 26 shares in the last quarter. IPG Investment Advisors LLC raised its holdings in Netflix by 1.2% during the fourth quarter. IPG Investment Advisors LLC now owns 2,200 shares of the Internet television network’s stock worth $1,326,000 after purchasing an additional 27 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in Netflix by 1.3% during the fourth quarter. Rehmann Capital Advisory Group now owns 2,399 shares of the Internet television network’s stock worth $1,445,000 after purchasing an additional 30 shares in the last quarter. Syquant Capital Sas raised its holdings in Netflix by 4.5% during the first quarter. Syquant Capital Sas now owns 700 shares of the Internet television network’s stock worth $262,000 after purchasing an additional 30 shares in the last quarter. Finally, Pacifica Partners Inc. raised its holdings in Netflix by 44.1% during the first quarter. Pacifica Partners Inc. now owns 98 shares of the Internet television network’s stock worth $37,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 75.52% of the company’s stock.

Netflix Stock Performance

NASDAQ:NFLX opened at $240.13 on Monday. The firm has a 50 day simple moving average of $223.20 and a 200-day simple moving average of $243.18. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $106.79 billion, a PE ratio of 21.34, a P/E/G ratio of 1.67 and a beta of 1.34. Netflix, Inc. has a 1-year low of $162.71 and a 1-year high of $700.99.

Netflix (NASDAQ:NFLXGet Rating) last posted its quarterly earnings data on Tuesday, July 19th. The Internet television network reported $3.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.96 by $0.24. Netflix had a net margin of 16.42% and a return on equity of 30.07%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $8.03 billion. During the same quarter in the previous year, the business posted $2.97 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. On average, equities analysts expect that Netflix, Inc. will post 10.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NFLX. Macquarie raised shares of Netflix from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $170.00 to $230.00 in a report on Wednesday, September 7th. Benchmark cut shares of Netflix from a “hold” rating to a “sell” rating and set a $157.00 price objective on the stock. in a report on Tuesday, June 14th. Societe Generale cut their price objective on shares of Netflix from $330.00 to $170.00 and set a “sell” rating on the stock in a report on Tuesday, June 14th. Truist Financial cut their price objective on shares of Netflix from $300.00 to $210.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Finally, Credit Suisse Group cut their price objective on shares of Netflix from $350.00 to $263.00 and set a “neutral” rating on the stock in a report on Wednesday, July 20th. Six investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $310.92.

Netflix Profile

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Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.

See Also

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Institutional Ownership by Quarter for Netflix (NASDAQ:NFLX)

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