Connor Clark & Lunn Investment Management Ltd. Sells 26,615 Shares of Netflix, Inc. (NASDAQ:NFLX)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 34.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,265 shares of the Internet television network's stock after selling 26,615 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Netflix were worth $36,361,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. New World Advisors LLC boosted its holdings in shares of Netflix by 2.0% in the 3rd quarter. New World Advisors LLC now owns 724 shares of the Internet television network's stock valued at $514,000 after acquiring an additional 14 shares during the last quarter. Heartland Bank & Trust Co boosted its stake in Netflix by 0.9% during the second quarter. Heartland Bank & Trust Co now owns 1,770 shares of the Internet television network's stock worth $1,195,000 after buying an additional 15 shares during the period. Cedrus LLC boosted its stake in shares of Netflix by 0.8% in the third quarter. Cedrus LLC now owns 1,781 shares of the Internet television network's stock valued at $1,263,000 after purchasing an additional 15 shares during the period. Capstone Triton Financial Group LLC raised its holdings in Netflix by 0.6% in the third quarter. Capstone Triton Financial Group LLC now owns 2,421 shares of the Internet television network's stock valued at $1,717,000 after acquiring an additional 15 shares in the last quarter. Finally, Meritas Wealth Management LLC raised its holdings in Netflix by 2.9% in the third quarter. Meritas Wealth Management LLC now owns 573 shares of the Internet television network's stock valued at $406,000 after acquiring an additional 16 shares in the last quarter. Institutional investors own 80.93% of the company's stock.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 267 shares of the firm's stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $765.67, for a total value of $204,433.89. Following the completion of the sale, the insider now directly owns 31,610 shares of the company's stock, valued at $24,202,828.70. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy M. Haley sold 11,090 shares of Netflix stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $757.96, for a total value of $8,405,776.40. The disclosure for this sale can be found here. Insiders have sold a total of 185,277 shares of company stock valued at $132,875,601 over the last 90 days. 1.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NFLX shares. StockNews.com raised shares of Netflix from a "hold" rating to a "buy" rating in a report on Tuesday, September 24th. Macquarie reaffirmed an "outperform" rating and issued a $795.00 target price on shares of Netflix in a report on Friday, October 18th. TD Cowen lifted their target price on shares of Netflix from $820.00 to $835.00 and gave the company a "buy" rating in a report on Friday, October 18th. Sanford C. Bernstein upped their price objective on shares of Netflix from $625.00 to $780.00 and gave the stock a "market perform" rating in a research report on Friday, October 18th. Finally, Morgan Stanley upped their price objective on shares of Netflix from $820.00 to $830.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $758.76.

Netflix Price Performance

NASDAQ:NFLX traded up $12.53 during trading hours on Wednesday, reaching $883.85. The company had a trading volume of 4,085,407 shares, compared to its average volume of 3,663,826. The stock has a 50-day moving average of $743.15 and a two-hundred day moving average of $685.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $377.81 billion, a PE ratio of 49.36, a PEG ratio of 1.59 and a beta of 1.25. Netflix, Inc. has a one year low of $445.73 and a one year high of $890.60.

Netflix (NASDAQ:NFLX - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The Internet television network reported $5.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.09 by $0.31. Netflix had a return on equity of 35.86% and a net margin of 20.70%. The business had revenue of $9.82 billion for the quarter, compared to analyst estimates of $9.77 billion. Analysts forecast that Netflix, Inc. will post 19.78 earnings per share for the current year.

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.