Mechanics Bank Trust Department Reduces Stake in Netflix, Inc. (NASDAQ:NFLX)

Mechanics Bank Trust Department reduced its position in Netflix, Inc. (NASDAQ:NFLX) by 5.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,090 shares of the Internet television network’s stock after selling 167 shares during the period. Mechanics Bank Trust Department’s holdings in Netflix were worth $1,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Baldrige Asset Management LLC lifted its position in Netflix by 156.3% during the first quarter. Baldrige Asset Management LLC now owns 82 shares of the Internet television network’s stock valued at $28,000 after purchasing an additional 50 shares in the last quarter. Barrett & Company Inc. bought a new stake in Netflix during the first quarter valued at about $29,000. Retirement Group LLC raised its holdings in Netflix by 52.6% during the first quarter. Retirement Group LLC now owns 87 shares of the Internet television network’s stock valued at $30,000 after acquiring an additional 30 shares during the period. Manchester Capital Management LLC raised its holdings in Netflix by 8,700.0% during the first quarter. Manchester Capital Management LLC now owns 88 shares of the Internet television network’s stock valued at $30,000 after acquiring an additional 87 shares during the period. Finally, Silicon Valley Capital Partners raised its holdings in Netflix by 80.0% during the first quarter. Silicon Valley Capital Partners now owns 90 shares of the Internet television network’s stock valued at $31,000 after acquiring an additional 40 shares during the period. 79.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company reissued an “overweight” rating and set a $500.00 price target on shares of Netflix in a report on Thursday, July 20th. Rosenblatt Securities raised their price target on Netflix from $358.00 to $400.00 and gave the company a “neutral” rating in a report on Thursday, July 20th. Wolfe Research lifted their target price on Netflix from $485.00 to $500.00 in a report on Thursday, July 20th. Robert W. Baird raised Netflix from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $340.00 to $500.00 in a report on Monday, July 24th. Finally, Jefferies Financial Group lifted their target price on Netflix from $440.00 to $520.00 in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $432.91.

Netflix Stock Down 0.9 %

Shares of NASDAQ NFLX opened at $396.94 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $175.90 billion, a price-to-earnings ratio of 42.27, a PEG ratio of 1.33 and a beta of 1.29. The stock has a 50 day moving average price of $430.91 and a 200 day moving average price of $384.11. Netflix, Inc. has a 52-week low of $211.73 and a 52-week high of $485.00.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Wednesday, July 19th. The Internet television network reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.44. The firm had revenue of $8.19 billion during the quarter, compared to analyst estimates of $8.29 billion. Netflix had a return on equity of 19.76% and a net margin of 13.22%. Netflix’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.20 earnings per share. Sell-side analysts expect that Netflix, Inc. will post 11.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Theodore A. Sarandos sold 55,386 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $431.10, for a total value of $23,876,904.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Timothy M. Haley sold 1,022 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $450.19, for a total value of $460,094.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Theodore A. Sarandos sold 55,386 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $431.10, for a total value of $23,876,904.60. The disclosure for this sale can be found here. Insiders sold 125,377 shares of company stock valued at $54,547,674 over the last 90 days. Corporate insiders own 2.45% of the company’s stock.

Netflix Company Profile

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.