Netflix (NFLX) CEO Sells $2 Million of Company Stock

Netflix (NFLX) co-CEO Greg Peters recently sold $2 million worth of company stock, making him the latest senior executive to offload shares in the streaming company.

Peters sold 27,312 shares of NFLX stock on Aug. 6 at an average price of $73.54 per share for proceeds of $2 million. The sale reduced Peters holdings of Netflix stock by 18%. The CEO still owns 120,931 shares of Netflix stock worth $8.92 million based on the current market price.

Peters’ sales comes shortly after Netflix reported mixed second-quarter financial results that sent its stock lower. Netflix cut its forward guidance, saying it now expects 2026 revenue of $51 billion to $51.4 billion, down from earlier guidance of $50.7 billion to $51.7 billion. NFLX stock, which is down 20% this year, has also been hurt by its failed attempt to acquire rival Warner Bros. Discovery (WBD).

Netflix’s total paid memberships. Source: The Fly

Other Executives Also Sell NFLX Stock

Peters isn’t the only Netflix executive to sell company stock recently. Netflix’s other CEO Ted Sarandos has sold 81,891 shares of company stock since the start of August, worth approximately $6 million. Following those sales, Sarandos continues to own 178,954 shares of Netflix common stock worth $13.20 million.

Spencer Neumann, Netflix’s Chief Financial Officer (CFO), sold 9,248 shares of NFLX stock on Aug. 10 for proceeds of $700,907. Following the sale, Neumann continues to own 73,787 Netflix shares worth $5.45 million. And, Netflix co-founder Reed Hastings also continues to sell company stock. Over the past year, Hastings has sold $130 million of Netflix stock through option exercises and pre-arranged trading plans.

Is NFLX Stock a Buy?

Netflix’s stock has a consensus Strong Buy rating among 31 Wall Street analysts. That rating is based on 24 Buy and seven Hold recommendations issued in the past three months. The average NFLX price target of $96.27 implies 30% upside from current levels.