Insider Selling: Netflix, Inc. (NFLX) General Counsel Sells $12,605,884.20 in Stock

Netflix, Inc. (NASDAQ:NFLX) General Counsel David A. Hyman sold 63,378 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $198.90, for a total value of $12,605,884.20. Following the sale, the general counsel now directly owns 43,071 shares in the company, valued at $8,566,821.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Netflix (NASDAQ:NFLX) last released its earnings results on Monday, October 16th. The Internet television network reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.03). The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Netflix had a net margin of 4.04% and a return on equity of 14.56%. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter last year, the business posted $0.12 earnings per share.

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Several research firms recently commented on NFLX. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $205.00 price objective (up from $165.00) on shares of Netflix in a research report on Tuesday, July 18th. Stifel Nicolaus increased their price objective on Netflix from $200.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, October 12th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $225.00 price objective (up from $210.00) on shares of Netflix in a research report on Friday, October 13th. Vetr raised Netflix from a “hold” rating to a “buy” rating and set a $210.19 price objective on the stock in a research report on Thursday, October 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $190.00 price objective on shares of Netflix in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirty-three have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $207.20.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Netflix by 2.9% in the second quarter. Vanguard Group Inc. now owns 27,950,272 shares of the Internet television network’s stock valued at $4,176,049,000 after purchasing an additional 789,190 shares during the period. BlackRock Inc. boosted its holdings in Netflix by 1.7% in the second quarter. BlackRock Inc. now owns 25,663,728 shares of the Internet television network’s stock valued at $3,834,416,000 after purchasing an additional 423,968 shares during the period. FMR LLC boosted its holdings in Netflix by 12.4% in the second quarter. FMR LLC now owns 23,633,237 shares of the Internet television network’s stock valued at $3,531,042,000 after purchasing an additional 2,605,731 shares during the period. State Street Corp boosted its holdings in Netflix by 2.7% in the first quarter. State Street Corp now owns 17,535,737 shares of the Internet television network’s stock valued at $2,591,946,000 after purchasing an additional 463,143 shares during the period. Finally, Jennison Associates LLC boosted its holdings in Netflix by 14.0% in the second quarter. Jennison Associates LLC now owns 14,784,089 shares of the Internet television network’s stock valued at $2,208,891,000 after purchasing an additional 1,814,056 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

About Netflix

Netflix, Inc is a provider an Internet television network. The Company operates through three segments: Domestic streaming, International streaming and Domestic DVD. The Domestic streaming segment includes services that streams content to its members in the United States. The International streaming segment includes services that streams content to its members outside the United States.

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