The Co-CEO's first open-market sale in the cluster window is a bearish signal from top management, though the dollar amount is tiny relative to market cap. Monitor for any upcoming 8-K or press release that could explain the timing. The historical calibration shows score-5 reports on NFLX have a 15% observed probability of up-moves at T+20, suggesting the market may not fully price this signal — but the 30% win rate on prior NFLX reports cautions against over-interpreting. Consider a short-term hedge if additional negative catalysts emerge.
Price Chart
Executive Summary
Co-CEO Theodore Sarandos and Chief Legal Officer David Hyman sold a combined $2.42M in open-market sales on August 4, 2026, at ~$73/share. The Co-CEO's $2.0M sale is the largest insider transaction in the cluster and represents a notable cash-out by top management near the current stock price. Non-cash events (option exercises, tax withholdings, director grants) on August 3 are routine and carry no economic signal. The cluster is dominated by selling with no insider buying, which warrants attention given the company's $305B market cap and the Co-CEO's involvement.
Key Financial Metrics
Key Facts
- Co-CEO Theodore Sarandos sold 27,312 shares for $2.0M in an open-market sale on 2026-08-04.
- Chief Legal Officer David Hyman sold 5,723 shares for $417K in an open-market sale on 2026-08-04.
- Total open-market selling value is $2.42M, representing ~0.0008% of NFLX's $305.3B market cap.
- All other transactions on 2026-08-03 were non-cash: option exercises, tax withholdings, and director grants.
- No insider open-market purchases occurred in the cluster window.
- Historical performance on NFLX reports shows a 30% win rate at T+20 and average alpha of -3.12% vs SPY, suggesting prior bearish calls have underperformed.
Financial Impact
Total insider open-market selling of $2.42M, which is 0.0008% of market cap — trivial in absolute proportion but notable for involving the Co-CEO.
Risk Factors
- Insider sales may be pre-planned under a 10b5-1 trading plan, reducing their informational value.
- The $2.42M sale is only 0.0008% of market cap, which is economically trivial and may be liquidity-driven.
- Historical performance on NFLX reports shows bearish calls have been wrong 70% of the time at T+20, with average alpha of -3.12% vs SPY.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-NFLX-1785900412309 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 19d ago | ANALYST-UPGRADE | — | awaiting T+20 | — | — |
Sep 18, 2026 4w ago | ANALYST-DOWNGRADE | — | awaiting T+20 | — | — |
Sep 14, 2026 4w ago | Press Release | $80.32 $70.61 | ▼ −12.09% | ▼ −14.35% | $70.53 (−12.19%) |
Aug 10, 2026 9w ago | Insider Cluster | $74.79 $76.03 | ▲ +1.66% | ▲ +2.72% | $70.53 (−5.70%) |
Aug 6, 2026 10w ago | Insider Cluster | $73.67 $82.67 | ▲ +12.22% | ▲ +11.62% | $70.53 (−4.26%) |
Aug 4, 2026 10w ago | Insider Cluster | $73.55 $80.81 | ▼ −9.88% | ▼ −11.11% | $70.53 (+4.10%) |
Jul 17, 2026 13w ago | ANALYST-DOWNGRADE | — | awaiting T+20 | — | — |
Jun 1, 2026 19w ago | 144 | $83.32 $74.19 | ▼ −10.95% | ▼ −9.14% | $70.53 (−15.35%) |
May 12, 2026 22w ago | Court Ruling | $87.65 $82.00 | ▼ −6.44% | ▼ −4.72% | $70.53 (−19.53%) |
May 7, 2026 23w ago | 144 | $87.45 $82.18 | ▼ −6.02% | ▼ −6.05% | $70.53 (−19.34%) |
US Market Status
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