Renasant Bank Acquires 9,917 Shares of Netflix, Inc. $NFLX

Renasant Bank acquired a new position in Netflix, Inc. (NASDAQ:NFLX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,917 shares of the Internet television network’s stock, valued at approximately $690,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Netflix during the second quarter worth about $24,902,221,000. Bank of New York Mellon Corp bought a new position in Netflix during the second quarter valued at about $1,906,482,000. Legal & General Group Plc acquired a new position in Netflix in the 2nd quarter valued at approximately $1,886,526,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Netflix in the 2nd quarter worth approximately $1,481,303,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Netflix by 194.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 16,111,438 shares of the Internet television network’s stock worth $1,121,034,000 after acquiring an additional 10,647,803 shares during the period. Institutional investors own 80.93% of the company’s stock.

Key Stories Impacting Netflix

Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Netflix’s EMEA revenue grew 11% year over year in the third quarter. Management says sustaining that growth in Europe will depend partly on preserving creative freedom amid regulation. Article: Netflix boss says creativity and regulation are not happy bedfellows in Europe
• Neutral Sentiment: Netflix launched an international campaign using 35mm film, supported by a social series about creatives’ viewing tastes. The campaign may support brand engagement, but its financial impact is unclear. Article: Netflix embraces 35mm film in international campaign
• Neutral Sentiment: A report described November short interest as totaling zero shares, with a 0.0-day days-to-cover ratio. That figure does not indicate meaningful short positioning, despite the report’s claim of a large increase.
• Negative Sentiment: Investor confidence remains a concern: coverage cites slowing Netflix growth and evidence that viewers are watching less. A content leadership shake-up is among management’s steps to address the challenge, but the concerns weigh on the growth outlook. Article: Why Netflix Stock Plunged 11% in October
• Negative Sentiment: Netflix also declined amid weakness across entertainment stocks. Coverage linked the sector’s reaction to concerns about the film outlook and debt at the newly combined Warner Bros.–Paramount, though it characterized Netflix and Disney as relatively less affected. Article: Skydance Sinks as Warner Bros. Film Slump Overshadows Earnings Beat

Netflix Stock Down 1.1%

Shares of NFLX opened at $63.26 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $70.32 and a two-hundred day moving average price of $80.76. The stock has a market cap of $259.77 billion, a price-to-earnings ratio of 18.28, a P/E/G ratio of 0.94 and a beta of 1.62. Netflix, Inc. has a 12 month low of $61.39 and a 12 month high of $116.73.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Tuesday, October 20th. The Internet television network reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.05. Netflix had a return on equity of 42.69% and a net margin of 29.69%. The company had revenue of $12.87 billion for the quarter, compared to analyst estimates of $12.87 billion. During the same period in the prior year, the company posted $0.59 EPS. The company’s revenue was up 11.9% compared to the same quarter last year. Equities analysts predict that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Insider Buying and Selling at Netflix

In other Netflix news, CEO Theodore A. Sarandos sold 27,312 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $66.20, for a total value of $1,808,054.40. Following the sale, the chief executive officer directly owned 178,954 shares in the company, valued at $11,846,754.80. This represents a 13.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Spencer Neumann sold 9,253 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $66.15, for a total value of $612,085.95. Following the transaction, the chief financial officer owned 73,787 shares of the company’s stock, valued at $4,881,010.05. This represents a 11.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 89,024 shares of company stock worth $5,788,733 over the last three months. 1.24% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Oppenheimer reissued an “outperform” rating and set a $80.00 price objective (down from $85.00) on shares of Netflix in a report on Wednesday, October 21st. CICC Research cut their target price on Netflix from $110.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Guggenheim reduced their target price on Netflix from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. JPMorgan Chase & Co. reduced their target price on Netflix from $85.00 to $81.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Finally, Weiss Ratings downgraded shares of Netflix from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, seventeen have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Netflix has an average rating of “Moderate Buy” and a consensus price target of $89.14.

About Netflix

Netflix, Inc. is an entertainment company that offers subscription-based streaming of television series, films, documentaries and other programming. Its service also includes mobile games and, in some markets, advertising-supported viewing plans. Netflix produces and licenses content, including titles made under its Netflix brand. Founded in 1997 by Reed Hastings and Marc Randolph as a DVD-by-mail rental business, the company launched its streaming service in 2007 and later expanded into original programming.