Insider Move to Note: Why Reed Hastings Sold 74,564 Stock of Netflix, Inc. (NASDAQ:NFLX)?

November 24, 2016 - By Vivian Park

Insider Move to Note: Why Reed Hastings Sold 74,564 Stock of Netflix, Inc. (NASDAQ:NFLX)?

Reed Hastings Insider Sell

Company insider, Reed Hastings, CEO of Netflix Inc unloaded a total of 74,564 shares of the firm, based on a stock price of $118.0 per every share. The dated November 23, 2016 transaction’s filing submitted with the Washington-based Security and Exchange Commission is at your disposal here. Currently, Mr. Reed, possess 5.88 million shares, which accounts for 1.37% of the company’s market capitalization.

Netflix, Inc. (NASDAQ:NFLX) Ratings Coverage

Out of 44 analysts covering Netflix (NASDAQ:NFLX), 26 rate it a “Buy”, 6 “Sell”, while 12 “Hold”. This means 59% are positive. $175 is the highest target while $45.0 is the lowest. The $118.38 average target is 0.59% above today’s ($117.69) stock price. Netflix has been the topic of 109 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by Stifel Nicolaus given on Monday, August 10. Needham maintained the shares of NFLX in a report on Thursday, October 15 with “Buy” rating. The rating was maintained by Pacific Crest with “Overweight” on Tuesday, July 19. Goldman Sachs maintained it with “Neutral” rating and $140 target price in Tuesday, October 18 report. The firm has “Overweight” rating by JP Morgan given on Tuesday, April 19. The firm has “Sell” rating by Axiom Capital given on Monday, August 29. The firm has “Outperform” rating given on Tuesday, October 18 by RBC Capital Markets. The firm earned “Underperform” rating on Tuesday, September 13 by Macquarie Research. Citigroup maintained the stock with “Neutral” rating in Tuesday, April 19 report. The rating was maintained by FBR Capital with “Mkt Perform” on Tuesday, October 18.

Insitutional Activity: The institutional sentiment decreased to 0.95 in Q2 2016. Its down 0.18, from 1.13 in 2016Q1. The ratio dived, as 100 funds sold all Netflix, Inc. shares owned while 184 reduced positions. 88 funds bought stakes while 232 increased positions. They now own 333.23 million shares or 7.72% less from 361.10 million shares in 2016Q1.

The California-based Concert Wealth Management has invested 0.12% in Netflix, Inc. (NASDAQ:NFLX). The New York-based Brown Brothers Harriman & has invested 0% in Netflix, Inc. (NASDAQ:NFLX). Liberty Mutual Gru Asset holds 0.1% of its portfolio in Netflix, Inc. (NASDAQ:NFLX) for 29,836 shares. 1832 Asset Mngmt L P has invested 0% of its portfolio in Netflix, Inc. (NASDAQ:NFLX). Centurylink Investment Mgmt has 0.01% invested in the company for 285 shares. Murphy Capital holds 0.05% of its portfolio in Netflix, Inc. (NASDAQ:NFLX) for 3,765 shares. Westport Resources reported 600 shares or 0.02% of all its holdings. Moreover, Ny State Common Retirement Fund has 0.16% invested in Netflix, Inc. (NASDAQ:NFLX) for 1.17M shares. Ruggie Cap Grp holds 0.03% of its portfolio in Netflix, Inc. (NASDAQ:NFLX) for 380 shares. State Of Wisconsin Inv Board reported 537,006 shares or 0.2% of all its holdings. Integral Derivatives Ltd Co owns 28,338 shares or 0.06% of their US portfolio. Ameriprise Fin last reported 434,953 shares in the company. Dekabank Deutsche Girozentrale owns 118,714 shares or 0.12% of their US portfolio. Sarasin & Prns Ltd Liability Partnership last reported 1.13% of its portfolio in the stock. Jpmorgan Chase And holds 0.12% of its portfolio in Netflix, Inc. (NASDAQ:NFLX) for 5.20 million shares.

Insider Transactions: Since May 25, 2016, the stock had 2 insider buys, and 23 insider sales for $23.16 million net activity. HASTINGS REED sold $9.74 million worth of stock. BARTON RICHARD N sold $140,000 worth of stock. Shares for $51.86 million were bought by HOAG JAY C. 20,000 shares with value of $2.40 million were sold by BATTLE A GEORGE on Wednesday, October 19. SARANDOS THEODORE A sold 91,966 shares worth $10.73 million. On Wednesday, October 19 the insider WELLS DAVID B sold $60,000. HALEY TIMOTHY M had sold 23,728 shares worth $2.99M.

The stock decreased 0.30% or $0.35 during the last trading session, hitting $117.69. About 4.52 million shares traded hands. Netflix, Inc. (NASDAQ:NFLX) has risen 22.72% since April 22, 2016 and is uptrending. It has outperformed by 17.31% the S&P500.

Netflix, Inc. is a provider of Internet television network. The company has a market cap of $50.54 billion. The Firm has over 86 million streaming members in over 190 countries. It has a 316.2 P/E ratio. The Company’s members can watch television (TV) shows and movies, including original series, documentaries and feature films in Internet-connected screen.

According to Zacks Investment Research, “Netflix is the world’s leading Internet television network with millions of subscribers in nearly 50 countries who have access to an ever-expanding library of TV shows and movies, including original programming, documentaries and feature films. The company offers the ability to watch as subscribers want, anytime, anywhere, on nearly any Internet-connected screen.”

Analysts await Netflix, Inc. (NASDAQ:NFLX) to report earnings on January, 17. They expect $0.13 EPS, up 85.71% or $0.06 from last year’s $0.07 per share. NFLX’s profit will be $55.83 million for 226.33 P/E if the $0.13 EPS becomes a reality. After $0.12 actual EPS reported by Netflix, Inc. for the previous quarter, Wall Street now forecasts 8.33% EPS growth.

More notable recent Netflix, Inc. (NASDAQ:NFLX) news were published by: Investorplace.com which released: “2 Ways to Collect on Netflix, Inc. (NFLX) Stock” on November 22, 2016, also Fool.com with their article: “Better Buy: Netflix, Inc. vs. Facebook, Inc.” published on November 17, 2016, Fool.com published: “How Netflix, Inc. Gained 27% in October” on November 13, 2016. More interesting news about Netflix, Inc. (NASDAQ:NFLX) were released by: Usnews.com and their article: “Netflix, Inc. Stock Is Out of Its Funk (NFLX)” published on October 25, 2016 as well as Investorplace.com‘s news article titled: “Netflix, Inc. (NFLX) Is a Buy if You Can Stomach the Volatility” with publication date: November 18, 2016.

NFLX Company Profile

Netflix, Inc. (Netflix), incorporated on August 29, 1997, is a well-known provider of Internet television network. The Firm has over 86 million streaming members in over 190 countries. The Company’s members can watch television (TV) shows and movies, including original series, documentaries and feature films in Internet-connected screen. The Company’s divisions include Domestic streaming and International streaming. The Domestic and International streaming divisions derive revenues from monthly membership fees for services consisting of streaming content. Netflix’s members can watch TV shows and movies directly on their TVs, computers and mobile devices. The Firm offers streaming service both domestically and internationally.

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