Virginia Retirement Systems opens Netflix stake worth $37.7 million
Virginia Retirement Systems purchased a new position of 528,610 shares in Netflix, Inc. (NASDAQ:NFLX) during the second quarter, according to the fund's most recent 13F filing with the Securities and Exchange Commission. The shares were valued at approximately $37,743,000.
Smaller institutional managers add token-sized positions
Several other hedge funds and institutional investors disclosed smaller new stakes in NFLX. Imprint Wealth LLC initiated a position in the third quarter valued at approximately $25,000; Cornerstone Financial Management LLC, Atlas Capital Advisors Inc., and Jessup Wealth Management Inc. each opened fourth-quarter stakes worth $26,000, $26,000, and $27,000 respectively; and Clal Insurance Enterprises Holdings Ltd purchased a new second-quarter stake worth $26,000. Institutional investors collectively own 80.93% of Netflix's stock.
Co-CEOs trim holdings under pre-arranged plans
Insider filings show two Netflix CEOs sold shares in August. Co-CEO Gregory K. Peters sold 27,312 shares on Thursday, August 6th at an average price of $73.54, a transaction valued at $2,008,524.48 that reduced his direct holding to 120,931 shares. Co-CEO Theodore A. Sarandos sold 27,312 shares on Tuesday, August 4th at $73.35, valued at $2,003,335.20, leaving him with 178,954 shares. Both sales were executed under pre-arranged Rule 10b5-1 trading plans to cover tax withholding obligations tied to the vesting of equity awards. Insiders sold 213,595 shares worth $15,812,072 during the quarter, and insiders own 1.24% of the company.
Wall Street leans bullish despite target cuts
Brokerage actions in July and August included price-target reductions alongside reiterated buy ratings. Loop Capital cut its target to $95.00 on July 24th; Rothschild & Co Redburn cut to $93.00 on July 21st; TD Cowen lowered to $100.00 on July 17th. Deutsche Bank Aktiengesellschaft set a $110.00 target on July 20th, and JPMorgan Chase & Co. reissued a "buy" rating on August 20th. Coverage breaks down to four Strong Buy ratings, thirty-four Buy ratings, sixteen Hold ratings, and one Sell rating.
Consensus view and next checkpoints
MarketBeat data cited in the filing note carries a "Moderate Buy" consensus rating and an average price target of $96.65. The next verifiable milestones tied to this filing cluster are Netflix's forthcoming quarterly results and any subsequent 13F updates from institutional holders.
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