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Netflix (NFLX) Declined on Missing Expectations

ClariVest Asset Management, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Clarivest Capital Appreciation Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter of 2023 began strongly in July, but the equity markets were unable to withstand the ongoing upward momentum in interest rates, and many indexes ended the quarter in the negative. When compared to the Russell 1000 Growth Index at the beginning of the quarter, the fund was most underweight in communication and consumer discretionary services and most overweight in the information technology and healthcare sectors. By the end of the quarter, the portfolio remained the most underweight consumer discretionary and consumer staples and most overweight information technology and healthcare. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Carillon Clarivest Capital Appreciation Fund highlighted stocks like Netflix, Inc. (NASDAQ:NFLX) in the third quarter 2023 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On December 8, 2023, Netflix, Inc. (NASDAQ:NFLX) stock closed at $453.76 per share.  One-month return of Netflix, Inc. (NASDAQ:NFLX) was 2.06%, and its shares gained 43.97% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $198.602 billion.

Carillon Clarivest Capital Appreciation Fund made the following comment about Netflix, Inc. (NASDAQ:NFLX) in its Q3 2023 investor letter:

“During the third quarter of 2023, an underweight to real estate and an overweight to healthcare helped performance, while an overweight to information technology and an underweight to energy detracted. Stock selection was strong within information technology and consumer staples but was weak within financials and communication services. Netflix, Inc. (NASDAQ:NFLX), the internet streaming subscription service company, missed expectations. That suggested the company’s crackdown on pass-word sharing has yet to deliver the sales growth analysts expect.”

netflix
netflix

Photo by Souvik Banerjee on Unsplash

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Netflix, Inc. (NASDAQ:NFLX) is in 12th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 102 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of third quarter which was 114 in the previous quarter.

We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared Jim Simons' stock picks. In addition, please check out our hedge fund investor letters Q3 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.