British Columbia Investment Management Corp Reduces Stake in Netflix, Inc.

British Columbia Investment Management Corp has decreased its ownership in Netflix, Inc. (NASDAQ:NFLX) by 13.3% during the third quarter, based on the company's recent filing with the Securities and Exchange Commission (SEC). After selling 11,033 shares, the fund now holds 71,898 shares of the streaming giant.

The value of British Columbia Investment Management Corp's holdings in Netflix was approximately $50,995,000 according to the latest disclosure.

Changes in Institutional Ownership

Other institutional investors and hedge funds have also adjusted their stakes in Netflix. For instance, Denver PWM LLC initiated a new position in Netflix worth around $25,000 in the second quarter, while RPg Family Wealth Advisory LLC acquired a similar position in the third quarter, also valued at $25,000. Proffitt & Goodson Inc. significantly increased its holdings in the second quarter by 380.0%, now owning 48 shares valued at $32,000 after acquiring an additional 38 shares in the last quarter. Additionally, E Fund Management Hong Kong Co. Ltd. raised its investment in Netflix shares by 700.0% during the third quarter, bringing its total to 48 shares worth $34,000 after purchasing 42 more shares during this period. AlphaMark Advisors LLC also increased its holdings substantially, by 642.9%, now owning 52 shares valued at $35,000.

Overall, institutional investors and hedge funds together hold approximately 80.93% of Netflix’s stock.

Insider Trading Insights

In related news, Netflix's Chairman Reed Hastings has sold 25,074 shares of the company's stock in a transaction on September 3rd, valued at $17,073,388.08. Following this move, Hastings's direct ownership in Netflix has dropped significantly, with only 85 shares remaining worth about $57,878.20. This sale represented a 99.66% decline in his holdings. This transaction and others were disclosed in filings with the SEC.

Moreover, insider David A. Hyman sold 267 shares on November 5th at an average price of $765.67, totaling approximately $204,433.89. Post-sale, Hyman holds 31,610 shares worth about $24,202,828.70, reflecting a slight decrease of 0.84% in his ownership. In total, insiders sold 185,866 shares valued at $133,393,921 over the past ninety days, with company insiders currently owning about 1.76% of the stock.

Netflix Stock Performance

As of Friday, Netflix shares opened at $886.81. The company boasts a market capitalization of $379.07 billion, a price-to-earnings ratio of 50.19, and a PEG ratio of 1.69. The stock has ranged between a low of $445.73 and a high of $908.00 over the past year, with a current ratio and quick ratio both at 1.13 and a debt-to-equity ratio of 0.62. The 50-day moving average for the stock is $773.01, while the 200-day moving average sits at $699.54.

Analyst Ratings and Forecasts

Recent reports from analysts have been optimistic regarding Netflix’s future performance. Needham & Company LLC recently raised its price target for Netflix from $700.00 to $800.00, rating the stock as a “buy.” Pivotal Research also increased their target from $925.00 to $1,100.00 while maintaining a “buy” rating. Other prominent firms like Macquarie, Bank of America, and Evercore ISI have reiterated their “outperform” ratings and adjusted price targets to reflect potential growth, with Bank of America now setting a target of $1,000.00.
Currently, there are two analysts recommending a sell, nine with a hold rating, and twenty-five with a buy rating on Netflix stock. Data indicates an average “Moderate Buy” rating along with a price target averaging $764.82.

Company Overview

Netflix, Inc. is a leading provider of entertainment services, offering a wide range of TV series, documentaries, feature films, and games across various genres and languages. The company allows its members to access streaming content through a variety of internet-connected devices, including TVs, digital video players, and mobile devices.

Conclusion

The adjustments by British Columbia Investment Management Corp and other investors highlight the shifting dynamics in Netflix's shareholder base. As the company continues to innovate and expand its service offerings, particularly in live sports, market watchers will be keen to see how these developments affect its stock performance in the future.

Investment, Netflix, Stake