McKinley Carter Wealth Services Inc. decreased its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 89.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,670 shares of the Internet television network's stock after selling 82,406 shares during the quarter. McKinley Carter Wealth Services Inc.'s holdings in Netflix were worth $673,000 at the end of the most recent reporting period.

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A number of other hedge funds have also bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Netflix during the second quarter worth $24,902,221,000. State Street Corp increased its position in shares of Netflix by 4.9% in the 2nd quarter. State Street Corp now owns 180,129,582 shares of the Internet television network's stock valued at $12,861,252,000 after acquiring an additional 8,474,820 shares during the period. Bank of America Corp DE increased its position in shares of Netflix by 4.3% in the 1st quarter. Bank of America Corp DE now owns 57,942,812 shares of the Internet television network's stock valued at $5,571,201,000 after acquiring an additional 2,376,349 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Netflix in the 2nd quarter valued at $1,906,482,000. Finally, Legal & General Group Plc acquired a new position in shares of Netflix in the 2nd quarter valued at $1,886,526,000. Institutional investors and hedge funds own 80.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NFLX shares. Guggenheim restated a "buy" rating and issued a $80.00 target price (up from $75.00) on shares of Netflix in a research note on Thursday, October 1st. Sanford C. Bernstein started coverage on Netflix in a research note on Monday, September 28th. They set a "buy" rating on the stock. Morgan Stanley cut their price objective on Netflix from $83.00 to $80.00 and set an "overweight" rating on the stock in a report on Thursday, October 8th. UBS Group cut their price objective on Netflix from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, July 17th. Finally, Evercore restated an "outperform" rating and issued a $110.00 price objective (up from $100.00) on shares of Netflix in a research note on Monday, September 14th. Three research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.82.

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Read Our Latest Research Report on NFLX

Insider Buying and Selling

In other Netflix news, Director Richard Barton sold 720 shares of the company's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $75.27, for a total value of $54,194.40. Following the sale, the director directly owned 2,460 shares of the company's stock, valued at approximately $185,164.20. This represents a 22.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Theodore Sarandos sold 27,312 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $73.35, for a total value of $2,003,335.20. Following the sale, the chief executive officer directly owned 178,954 shares in the company, valued at $13,126,275.90. This represents a 13.24% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 179,045 shares of company stock valued at $13,132,194 in the last 90 days. 1.24% of the stock is currently owned by insiders.

Key Stories Impacting Netflix

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Here are the key news stories impacting Netflix this week:

• Positive Sentiment: Jefferies upgraded Netflix (NFLX) to “strong buy,” citing potential support from pricing increases and advertising growth. Wedbush also maintained an “outperform” rating, although it lowered its price target to $90 from $105. Netflix stock gets bullish analyst call
• Positive Sentiment: Options activity is signaling expectations for a substantial post-earnings move, while sentiment remains bullish in some derivatives markets. Technical analysts also see a possible double-bottom pattern, with a break above $83.60 potentially opening a path toward $102.12. Barchart Netflix earnings outlook
• Neutral Sentiment: Netflix is replacing Chief Content Officer Bela Bajaria with former Disney and Fox executive Peter Rice. His experience across scripted programming, live sports, unscripted content and theatrical distribution could help Netflix develop new hits, but the abrupt change before earnings highlights pressure to improve engagement. Netflix appoints Peter Rice
• Negative Sentiment: Netflix announced plans to eliminate about 1,000 jobs, or 6% of its workforce, one day before the content-chief transition. Although the cuts may improve efficiency, investors viewed them as evidence of a sharper growth reset and concerns about the company’s content strategy. Netflix shares under pressure after content chief departure
• Negative Sentiment: Pre-earnings concerns include slowing viewership, rising churn, declining engagement and intensifying competition. Analysts also warn that Netflix’s premium valuation leaves little room for disappointing guidance, while options traders anticipate a move that could take the stock toward a two-year low. Netflix Q3 earnings outlook

Netflix Stock Down 2.9%

NASDAQ:NFLX opened at $70.53 on Friday. The firm has a market capitalization of $293.68 billion, a P/E ratio of 22.20, a PEG ratio of 1.00 and a beta of 1.62. Netflix, Inc. has a 1-year low of $65.08 and a 1-year high of $124.86. The company's fifty day moving average price is $75.17 and its 200-day moving average price is $80.66. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 1.14.

Netflix (NASDAQ:NFLX - Get Free Report) last issued its earnings results on Thursday, July 16th. The Internet television network reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.01. The firm had revenue of $12.56 billion during the quarter, compared to analysts' expectations of $12.58 billion. Netflix had a net margin of 28.22% and a return on equity of 40.02%. The firm's revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 earnings per share. As a group, equities research analysts anticipate that Netflix, Inc. will post 3.59 EPS for the current year.

Netflix Profile

(Free Report)

Netflix, Inc NASDAQ: NFLX is a global entertainment company that provides subscription-based streaming services. Its platform offers a broad selection of television series, films, documentaries, stand-up specials and other programming, including content produced by Netflix and licensed from third-party studios and creators.

The company also develops and distributes original productions under the Netflix brand and has expanded into additional entertainment offerings, including mobile and cloud-based games in select markets and live programming.

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Want to see what other hedge funds are holding NFLX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Netflix, Inc. (NASDAQ:NFLX - Free Report).

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