Sequoia Fund Sold Netflix (NFLX) on Share Appreciation

Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Sequoia Fund featured stocks like Netflix, Inc. (NASDAQ:NFLX) in the fourth quarter 2023 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On March 19, 2024, Netflix, Inc. (NASDAQ:NFLX) stock closed at $620.74 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 8.27%, and its shares gained 111.21% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $268.631 billion.

Sequoia Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its fourth quarter 2023 investor letter:

“Exits last year included Netflix, Inc. (NASDAQ:NFLX), Bank of America and Micron. We opportunistically added to our Netflix position in late 2022, near what turned out to be the lows. We sold our shares in stages over the course of last year as the stock price recovered and the valuation of the business rose dramatically.”

Netflix, Inc. (NASDAQ:NFLX) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Netflix, Inc. (NASDAQ:NFLX) was held by 89 hedge fund portfolios, down from 102 in the previous quarter, according to our database.

We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared the list of stocks whose price targets were recently raised by analysts. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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