Reed Hastings, the co-founder and current board chair of Netflix (NFLX), just sold $40.1 million worth of company stock.
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Hastings latest stock sale occurred on April 1, when he offloaded 393,950 NFLX shares in multiple transactions. Hastings sold the stock at prices ranging from $95.02 to $96.66, according to a filing with the U.S. Securities and Exchange Commission (SEC).
However, also on April 1, Hastings exercised previously awarded options to acquire 420,550 shares of Netflix stock at a price of $9.44, for a total value of $3.97 million. Both the sale and options exercise were conducted on the open market.
Reed Hastings’ Netflix Position
The latest stock sales continue a pattern with Hastings, who has been steadily selling his holdings of NFLX stock throughout this year. On March 2, Hastings sold 410,000 share of company stock for proceeds of about $39 million.
The stock sales come after Netflix lost its bid to acquire rival Warner Bros. Discovery (WBD). Following a protracted battle with Paramount Skydance (PSKY), Netflix abandoned its $82 billion pursuit of Warner Bros. Shortly after losing out on the Warner Bros. acquisition, Netflix raised prices for its streaming service.
Is NFLX Stock a Buy?
Netflix’s stock has a consensus Strong Buy rating among 41 Wall Street analysts. That rating is based on 30 Buy and 11 Hold recommendations issued in the last three months. The average NFLX price target of $113.97 implies 16% upside from current levels.
