Jennison Associates LLC Sells 374,518 Shares of Netflix, Inc. (NASDAQ:NFLX)

Jennison Associates LLC lessened its position in Netflix, Inc. (NASDAQ:NFLX) by 5.4% in the 4th quarter, Holdings Channel reports. The fund owned 6,616,356 shares of the Internet television network’s stock after selling 374,518 shares during the period. Netflix accounts for approximately 3.6% of Jennison Associates LLC’s holdings, making the stock its 7th biggest position. Jennison Associates LLC’s holdings in Netflix were worth $5,897,291,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NFLX. Nordea Investment Management AB lifted its holdings in Netflix by 22.7% in the fourth quarter. Nordea Investment Management AB now owns 848,150 shares of the Internet television network’s stock valued at $760,918,000 after acquiring an additional 156,958 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Netflix by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,579,404 shares of the Internet television network’s stock valued at $1,829,494,000 after purchasing an additional 29,726 shares during the period. Natixis Advisors LLC boosted its holdings in Netflix by 2.0% during the third quarter. Natixis Advisors LLC now owns 612,458 shares of the Internet television network’s stock worth $434,398,000 after buying an additional 11,921 shares in the last quarter. M&T Bank Corp grew its position in Netflix by 4.2% during the third quarter. M&T Bank Corp now owns 41,946 shares of the Internet television network’s stock worth $29,751,000 after buying an additional 1,684 shares during the period. Finally, Kestra Investment Management LLC purchased a new position in Netflix in the third quarter valued at about $1,517,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Insider Activity

In other news, Chairman Reed Hastings sold 48,363 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $896.60, for a total value of $43,362,265.80. Following the completion of the sale, the chairman now directly owns 114 shares of the company’s stock, valued at approximately $102,212.40. This represents a 99.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy M. Haley sold 11,090 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $757.96, for a total transaction of $8,405,776.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,516 shares of company stock valued at $92,377,637. Insiders own 1.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Loop Capital boosted their price target on Netflix from $925.00 to $1,000.00 and gave the stock a “hold” rating in a research note on Wednesday, January 22nd. Bank of America upped their target price on Netflix from $1,000.00 to $1,175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Barclays upgraded shares of Netflix from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $715.00 to $900.00 in a research report on Wednesday, January 22nd. Piper Sandler restated an “overweight” rating and set a $1,100.00 target price (up from $950.00) on shares of Netflix in a report on Wednesday, January 22nd. Finally, KeyCorp upped their price target on shares of Netflix from $1,000.00 to $1,100.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Ten research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,021.70.

Netflix Trading Up 0.4 %

NASDAQ:NFLX opened at $976.76 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a market capitalization of $417.82 billion, a P/E ratio of 49.26, a P/E/G ratio of 2.02 and a beta of 1.27. Netflix, Inc. has a 12-month low of $542.01 and a 12-month high of $999.00. The business has a 50 day simple moving average of $904.67 and a 200 day simple moving average of $779.53.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $4.20 by $0.07. The business had revenue of $10.25 billion for the quarter, compared to analysts’ expectations of $10.14 billion. Netflix had a net margin of 22.34% and a return on equity of 38.32%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.11 EPS. Equities research analysts predict that Netflix, Inc. will post 24.58 EPS for the current year.

About Netflix

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