Comerica Bank Decreases Stake in Netflix, Inc. (NFLX)

Comerica Bank decreased its position in Netflix, Inc. (NASDAQ:NFLX) by 22.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 84,508 shares of the Internet television network’s stock after selling 24,927 shares during the quarter. Comerica Bank’s holdings in Netflix were worth $28,155,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Strategy Asset Managers LLC bought a new stake in shares of Netflix in the third quarter valued at approximately $2,409,000. Private Advisor Group LLC boosted its stake in shares of Netflix by 94.8% in the third quarter. Private Advisor Group LLC now owns 31,161 shares of the Internet television network’s stock valued at $11,658,000 after buying an additional 15,167 shares during the period. Financial Sense Advisors Inc. bought a new stake in shares of Netflix in the third quarter valued at approximately $342,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Netflix by 12.9% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 39,178 shares of the Internet television network’s stock valued at $14,659,000 after buying an additional 4,462 shares during the period. Finally, Summit X LLC boosted its stake in shares of Netflix by 89.0% in the third quarter. Summit X LLC now owns 1,166 shares of the Internet television network’s stock valued at $433,000 after buying an additional 549 shares during the period. 74.05% of the stock is currently owned by institutional investors.

Several equities research analysts have weighed in on NFLX shares. UBS Group cut Netflix from a “buy” rating to a “neutral” rating and cut their target price for the stock from $425.00 to $237.00 in a research note on Wednesday, July 11th. Royal Bank of Canada upped their target price on Netflix to $450.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 17th. Goldman Sachs Group restated a “$375.13” rating and set a $470.00 target price on shares of Netflix in a research note on Wednesday, July 18th. Atlantic Securities restated a “buy” rating and set a $413.00 target price on shares of Netflix in a research note on Monday, September 3rd. Finally, SunTrust Banks upped their target price on Netflix from $270.00 to $415.00 and gave the stock a “hold” rating in a research note on Friday, July 13th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirty have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $377.41.

In related news, CEO Reed Hastings sold 105,868 shares of the stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $328.75, for a total value of $34,804,105.00. Following the completion of the sale, the chief executive officer now directly owns 105,868 shares in the company, valued at $34,804,105. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kelly Bennett sold 14,000 shares of the stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $300.00, for a total value of $4,200,000.00. Following the completion of the sale, the insider now owns 1,057 shares of the company’s stock, valued at $317,100. The disclosure for this sale can be found here. Insiders sold 336,542 shares of company stock valued at $114,178,608 over the last 90 days. 4.29% of the stock is currently owned by company insiders.

Shares of NFLX opened at $309.10 on Friday. Netflix, Inc. has a 52 week low of $178.38 and a 52 week high of $423.21. The firm has a market capitalization of $134.79 billion, a PE ratio of 247.28, a PEG ratio of 3.92 and a beta of 1.18. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.39 and a quick ratio of 1.39.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Tuesday, October 16th. The Internet television network reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.21. The company had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Netflix had a return on equity of 29.52% and a net margin of 8.48%. Netflix’s revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 EPS. As a group, analysts expect that Netflix, Inc. will post 2.63 EPS for the current year.

About Netflix

Netflix, Inc, an Internet television network, engages in the Internet delivery of television (TV) shows and movies on various Internet-connected screens. It operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD. The company offers TV shows and movies, including original series, documentaries, and feature films.

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Institutional Ownership by Quarter for Netflix (NASDAQ:NFLX)

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