Netflix (NFLX) Director Jay Hoag Scoops Up 600,000 Shares
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In a filing after the close, Netflix (NASDAQ: NFLX) saw a rare insider buy. Director, Jay Hoag, disclosed the purchase of 600,000 shares. Data showed he bought 200,000 shares on three consecutive trading days: 07/21/16, 07/22/16 and 07/25/16. Average prices paid were $85.93-$87.60.
The buying comes as the stock is down 23% YTD and 11% since earnings on July 18, when the company posted disappointing subscriber numbers.
Jay Hoag has served as one of Netflix's directors since 1999. Since 1995, Mr. Hoag has served as a founding General Partner at Technology Crossover Ventures, a venture capital firm. Mr. Hoag serves on the board of directors of Electronic Arts, Inc., TechTarget, Zillow Group, Inc. and several private companies. Mr. Hoag is on the Investment Advisory Committee at the University of Michigan, the Board of Trustees of Northwestern University, and the Board of Trust at the Vanderbilt University. Previously, Mr. Hoag has served on the board of directors of numerous other public and private companies. Mr. Hoag holds an M.B.A. from the University of Michigan and a B.A. from Northwestern University.
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