State of Michigan Retirement System Increases Stock Position in Netflix, Inc. (NASDAQ:NFLX)

State of Michigan Retirement System raised its position in Netflix, Inc. (NASDAQ:NFLX) by 3.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 161,249 shares of the Internet television network’s stock after buying an additional 5,100 shares during the period. Netflix comprises 0.7% of State of Michigan Retirement System’s investment portfolio, making the stock its 20th biggest position. State of Michigan Retirement System’s holdings in Netflix were worth $143,724,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NFLX. Swedbank AB increased its stake in shares of Netflix by 1.8% in the 3rd quarter. Swedbank AB now owns 465,208 shares of the Internet television network’s stock valued at $329,958,000 after purchasing an additional 8,024 shares in the last quarter. Clear Creek Financial Management LLC grew its holdings in Netflix by 2.3% in the third quarter. Clear Creek Financial Management LLC now owns 759 shares of the Internet television network’s stock valued at $538,000 after purchasing an additional 17 shares during the period. Harbor Capital Advisors Inc. increased its position in shares of Netflix by 29.0% in the third quarter. Harbor Capital Advisors Inc. now owns 6,243 shares of the Internet television network’s stock valued at $4,428,000 after buying an additional 1,405 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Netflix by 8.4% in the third quarter. Van ECK Associates Corp now owns 80,364 shares of the Internet television network’s stock valued at $60,216,000 after buying an additional 6,215 shares in the last quarter. Finally, Blue Square Asset Management LLC increased its position in shares of Netflix by 2.8% in the third quarter. Blue Square Asset Management LLC now owns 3,267 shares of the Internet television network’s stock valued at $2,317,000 after buying an additional 90 shares in the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.

Netflix Stock Performance

Shares of Netflix stock opened at $973.70 on Tuesday. The business’s fifty day simple moving average is $948.96 and its 200-day simple moving average is $835.48. Netflix, Inc. has a 52 week low of $542.01 and a 52 week high of $1,064.50. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.56. The firm has a market cap of $416.51 billion, a PE ratio of 49.10, a price-to-earnings-growth ratio of 2.12 and a beta of 1.27.

Netflix (NASDAQ:NFLX) last posted its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.20 by $0.07. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The firm had revenue of $10.25 billion for the quarter, compared to analyst estimates of $10.14 billion. During the same quarter in the prior year, the company earned $2.11 EPS. Netflix’s revenue was up 16.0% on a year-over-year basis. Equities analysts forecast that Netflix, Inc. will post 24.58 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Gregory K. Peters sold 4,939 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,030.00, for a total transaction of $5,087,170.00. Following the transaction, the chief executive officer now owns 12,950 shares of the company’s stock, valued at approximately $13,338,500. This represents a 27.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Reed Hastings sold 35,868 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $888.08, for a total value of $31,853,653.44. Following the transaction, the chairman now directly owns 114 shares in the company, valued at approximately $101,241.12. The trade was a 99.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 255,017 shares of company stock valued at $246,653,898. Corporate insiders own 1.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays upgraded Netflix from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $715.00 to $900.00 in a research report on Wednesday, January 22nd. Guggenheim boosted their price objective on Netflix from $950.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. BMO Capital Markets restated an “outperform” rating and issued a $1,175.00 price objective (up from $1,000.00) on shares of Netflix in a research report on Wednesday, January 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on Netflix from $650.00 to $875.00 and gave the company a “hold” rating in a research report on Wednesday, January 22nd. Finally, KeyCorp boosted their price objective on Netflix from $1,000.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Ten research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,021.70.

About Netflix

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.