Gregory K. Peters, Co-CEO of Netflix Inc. (NASDAQ:NFLX), recently sold a substantial amount of the company’s stock, according to a filing with the Securities and Exchange Commission. On February 6 and 7, Peters executed multiple transactions, selling a total of 14,586 shares of Netflix common stock. The shares were sold at prices ranging from $1,015 to $1,025 per share, amounting to a total transaction value of approximately $14.88 million. The sales come as Netflix, now valued at $434 billion, trades near its 52-week high after an impressive 81% gain over the past year. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
In addition to the sales, Peters also exercised stock options on the same dates. The exercised options resulted in the acquisition of 14,586 shares at prices between $269.58 and $319.50 per share, with a total value of $4.25 million. These transactions were conducted under a pre-arranged trading plan, as noted in the filing.
Following these transactions, Peters retains direct ownership of 12,950 shares of Netflix common stock.
In other recent news, Netflix has been the subject of various analyst adjustments and important developments. Phillip Securities downgraded the streaming giant’s stock rating from Neutral to Reduce, while raising the price target to $870. This was attributed to Netflix’s robust membership growth and a thriving ad business, which led to an increase in the forecasted FY25e revenue.
Meanwhile, Loop Capital Markets maintained a Hold rating on Netflix’s stock, but raised the price target to $1,000, following an impressive fourth-quarter performance. Guggenheim analysts also increased the price target for Netflix to $1,100, reiterating a Buy rating after the company exceeded guidance across all financial metrics in the fourth quarter.
In terms of content, Netflix announced the premiere date for the third and final season of its popular series, ’Squid Game’, set to air on June 27. The series’ second season recorded a staggering 68 million views in its premiere week, becoming the third most-watched season on Netflix.
Finally, in a move that could potentially impact Netflix, the United Kingdom (TADAWUL:4280) is considering extending the BBC license fee to users of streaming services. This forms part of a broader plan to update the funding model for the public-service broadcaster. These are the recent developments concerning Netflix.
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