PNC Financial Services Group Inc. Acquires 140,389 Shares of Netflix, Inc. $NFLX

PNC Financial Services Group Inc. grew its holdings in Netflix, Inc. (NASDAQ:NFLX) by 9.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,689,036 shares of the Internet television network’s stock after buying an additional 140,389 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Netflix were worth $162,401,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NFLX. Pacific Sun Financial Corp increased its position in Netflix by 1.6% during the 3rd quarter. Pacific Sun Financial Corp now owns 574 shares of the Internet television network’s stock valued at $688,000 after purchasing an additional 9 shares during the period. Beaird Harris Wealth Management LLC lifted its position in shares of Netflix by 9.6% in the 3rd quarter. Beaird Harris Wealth Management LLC now owns 114 shares of the Internet television network’s stock worth $137,000 after purchasing an additional 10 shares during the period. Monograph Wealth Advisors LLC lifted its position in shares of Netflix by 1.8% in the 2nd quarter. Monograph Wealth Advisors LLC now owns 682 shares of the Internet television network’s stock worth $913,000 after purchasing an additional 12 shares during the period. Resources Management Corp CT ADV boosted its stake in shares of Netflix by 2.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 829 shares of the Internet television network’s stock valued at $1,110,000 after purchasing an additional 16 shares in the last quarter. Finally, Sompo Asset Management Co. Ltd. boosted its stake in shares of Netflix by 1.4% during the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 1,500 shares of the Internet television network’s stock valued at $2,009,000 after purchasing an additional 20 shares in the last quarter. 80.93% of the stock is currently owned by institutional investors.

Netflix Price Performance

NFLX stock opened at $68.53 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.41 and a current ratio of 1.14. The firm has a 50 day moving average price of $79.04 and a 200-day moving average price of $86.31. Netflix, Inc. has a 52-week low of $65.08 and a 52-week high of $126.71. The firm has a market capitalization of $285.35 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 0.86 and a beta of 1.52.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.01. Netflix had a return on equity of 40.02% and a net margin of 28.22%.The company had revenue of $12.56 billion for the quarter, compared to the consensus estimate of $12.58 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Equities research analysts forecast that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NFLX shares. DZ Bank reissued a “buy” rating on shares of Netflix in a research note on Friday, April 17th. Daiwa Securities Group upped their target price on Netflix from $97.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. China Intl Cap upgraded Netflix to a “strong-buy” rating in a report on Tuesday. Guggenheim set a $75.00 target price on Netflix and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, KGI Securities lowered Netflix from an “outperform” rating to a “neutral” rating and set a $75.00 price target on the stock. in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $103.48.

Insiders Place Their Bets

In other news, CFO Spencer Adam Neumann sold 9,253 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $88.95, for a total transaction of $823,054.35. Following the completion of the transaction, the chief financial officer directly owned 73,787 shares in the company, valued at $6,563,353.65. This trade represents a 11.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reed Hastings sold 386,700 shares of Netflix stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $85.97, for a total value of $33,244,599.00. Following the completion of the transaction, the director directly owned 3,940 shares of the company’s stock, valued at approximately $338,721.80. This represents a 98.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 899,839 shares of company stock valued at $80,141,661. Company insiders own 1.24% of the company’s stock.

Trending Headlines about Netflix

Here are the key news stories impacting Netflix this week:

• Negative Sentiment: Netflix’s Q2 results beat EPS expectations, but revenue came in slightly below consensus and management signaled growth could slow to around 12% in Q3, raising concerns about momentum. Netflix Has Plummeted Over the Past Year and Just Dropped Again on Earnings. At 22 Times Profits, Is It a Buy?
• Negative Sentiment: Investors are also reacting to a “valuation reset” and weaker transparency after Netflix said it will report key viewership metrics less often, making it harder to measure progress. Is Netflix Asking Investors To Trust A Story It Will No Longer Tell?
• Negative Sentiment: The selloff has been amplified by bearish calls and articles arguing that sentiment remains weak, with some analysts saying the stock still has room to fall despite the recent drop. ‘Scratching the Surface,’ Says Top Investor About Netflix Stock
• Negative Sentiment: Netflix also completed a $1 billion senior notes offering to refinance debt, which is financially prudent but may reinforce the market’s focus on capital structure rather than growth. Netflix Issues $1 Billion Senior Notes to Refinance Debt

About Netflix

Netflix, Inc (NASDAQ: NFLX) is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.

The company’s primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.