Director Richard Barton exercised options and sold 2,160 shares for $162K at $75.10, which is 18% below the 90-day high. This appears to be a mechanical transaction rather than a bearish signal, as it represents newly exercised options rather than a reduction in existing holdings.

Where it could go — Our 1-4 conviction sells: 54% beat SPY at 30d with avg +1.1% vs SPY; watch $78.19 as resistance, $65.08 as support.

Co-CEO Gregory Peters sold $2.0M worth of NFLX shares at $73.54, reducing his directly held stake by 18.4% from a position 13.0% above the 90-day low. This sale is consistent with his historical pattern of regular disposals, with 12 prior sales and no buys on record, indicating it is likely part of a planned diversification strategy rather than a negative outlook. Bear: breaks $65.08 support → potential test of lower levels.

Where it could go — Our 7-8 conviction officer sells: 35% beat SPY at 30d; bear breaks $65.08.

Chief Legal Officer David Hyman sold $417K worth of NFLX shares, reducing his direct holdings by 1.8% at $72.85 per share. This continues his established pattern of consistent selling with no buying history, though the modest size suggests routine diversification rather than strong bearish conviction.

Where it could go — Our 1-4 conviction officer sells: 56% beat SPY at 30d (n=3855, avg +2.4% vs SPY); watch $65.08 as the bear break level.

Co-CEO Theodore Sarandos sold 133,162 shares for $9.7M at $73.10, reducing his directly held stake by 42.7% at a price just 12.3% above the 90-day low. This substantial sale by a top executive, despite a STRONG BUY analyst consensus, suggests internal caution or personal liquidity needs outweighing public optimism. Bear: breaks $65.08 support → targets $60.

Where it could go — Our 7-8 conviction officer sells: 35% beat SPY at 30d; bear breaks $65.08, bull holds $78.19.

Director Bradford Smith exercised options and sold 35,990 shares for $2.8M at $77.52, just 1% above the 90-day low. This appears to be a routine expiration-driven transaction rather than a bearish signal given the unchanged stake and mechanical nature.

Where it could go — Analyst mean target implies upside; bear case if stock breaks $76.76 support.

HASTINGS REED exercised 386,700 options at $10.26 and sold the resulting shares at $85.85 ($28.6M). The sale came from newly exercised options and did not reduce previously held shares, leaving 57,723 directly held shares.

Where it could go — Exercise-and-sell transactions are largely mechanical and carry limited directional signal.

HASTINGS REED exercised 386,700 options at $10.26 and sold the resulting shares at $85.85 ($28.6M). The sale came from newly exercised options and did not reduce previously held shares, leaving 57,723 directly held shares.

Where it could go — Exercise-and-sell transactions are largely mechanical and carry limited directional signal.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.

CFO Neumann Spencer Adam executed a Code-S open-market sale of 9,253 shares at $88.95, reducing his holdings by 11.1%. This is his first reported Form 4 transaction, with no prior open-market buys or sells on record. The sale occurred when the stock was 18.6% above the 90d low but 18.4% below the 90d high, with no upcoming earnings catalysts in the next 60 days.

Where it could go — In 6 of 10 comparable officer Code-S sales on other large-cap stocks when price was within 20% of 90d high, the stock declined over the next 90 days; bear case strengthens if NFLX breaks below $75.01.