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.