Netflix Director Reed Hastings sold 407,550 shares of company stock for approximately $37.96 million. The transaction occurred on Friday, May 1st, at an average price of $93.13 per share. A regulatory filing disclosed the sale on May 5th.
The sale reduced Hastings' direct ownership to 3,940 shares. This transaction marks a 99.04% decrease in his position. Hastings conducted the sale under a pre-arranged Rule 10b5-1 trading plan.
Netflix stock opened at $91.05 on the day of the announcement. Several investment management firms recently reported significant increases in their Netflix holdings according to fourth-quarter filings.