Here’s Why Netflix (NFLX) Shares Got Rerated

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The strategy gained in seven of the nine sectors in which it was invested in the quarter on an absolute basis. Healthcare and industrials sectors were the primary contributors while the consumer discretionary sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge All Cap Growth Strategy highlighted stocks like Netflix, Inc. (NASDAQ:NFLX) in the Q4 2022 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On February 28, 2023, Netflix, Inc. (NASDAQ:NFLX) stock closed at $322.13 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was -11.01%, and its shares lost 15.24% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $143.46 billion.

ClearBridge All Cap Growth Strategy made the following comment about Netflix, Inc. (NASDAQ:NFLX) in its Q4 2022 investor letter:

Netflix, Inc. (NASDAQ:NFLX) is another earnings reset name that has taken decisive actions, developing an ad-supported subscription tier and cracking down on password sharing, that have helped its shares rerate strongly. On an individual stock basis, positions in Broadcom, Visa, Netflix, Nike and Comcast were the leading contributors to absolute returns during the period.

Netflix, Inc. (NASDAQ:NFLX) is 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 117 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the fourth quarter which was 115 in the previous quarter.

We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared the list of most promising QQQ stocks according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.